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GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

2015-08-05 20:28:00
Michael Boutros, Strategist

Talking Points


GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD consolidating below resistance at 1.5680-1.5700
  • Topside breach targets 1.5774 & key resistance into 1.5878
  • Interim support 1.5530 backed by 1.5468 & 1.5358
  • Daily momentum holding above 50 – outside reversal day – constructive
  • RSI close sub-50 alongside a move below 1.5530 would be bearish
  • Key Event Risk Ahead: BoE Interest Rate Decision & U.K. Quarterly Inflation Report Tomorrow and U.S. Non-Farm Payrolls on Friday

GBPUSD 30min

GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

Notes: Sterling has continued to consolidate after testing key resistance last week with the weekly opening range highlighting the 1.5530-1.5650 zone heading into key event risk into the close of the week. A breach above 1.57 would be needed to open up the next big leg higher for the pound with such a scenario targeting long scalps into the May high-day close at 1.5774.

A break sub-1.5528/36 shifts the focus to the short-side targeting confluence support into 1.5467. Subsequent support targets are eyed at 1.5420 & the July low-day close at 1.5359. A quarter of the daily average true range yields profit targets of 26-29pips per scalp. Caution is warranted heading into major event this week with the Bank of England Interest Rate Decision & the Quarterly Inflation report tomorrow leading the way into Friday’s highly anticipated U.S. Non-Farm Payrolls employment report.

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Relevant Data Releases

GBPUSD Levels to Know Ahead of BoE, NFPs - Key Resistance at 1.57

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

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