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GBPUSD Rebound Sets Up Clear Scalp Levels Ahead of Major Event Risk

GBPUSD Rebound Sets Up Clear Scalp Levels Ahead of Major Event Risk

Michael Boutros, Strategist

Talking Points

GBPUSD Daily

GBPUSD Rebound Sets Up Clear Scalp Levels Ahead of Major Event Risk

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD breaches above monthly open / ML resistance- constructive
  • Interim resistance objectives at 1.5460, 1.5511 & 1.5550/67- key resistance
  • Interim support & near-term bullish invalidation at 1.5340
  • Subsequent key support into 1.5220
  • Key Event Risk Ahead: University of Michigan Confidence Survey tomorrow & UK CPI, Unemployment & Retails Sales and the 100-day moving averageU.S. Retail Sales, CPI & FOMC Rate Decision next week

GBPUSD 30min

GBPUSD Rebound Sets Up Clear Scalp Levels Ahead of Major Event Risk

Notes:We’ve been tracking Cable’s rebound off confluence support since early in the week on SB Trade Desk with the advance now approaching the secondary resistance target into 1.5460. The near-term bias remains weighted to the topside while within the median-line formation off the weekly low with subsequent topside objectives at the 100-day moving average, currently at 1.5511, and 1.5551/67.

A break below the 1.54-handle puts us neutral with a move sub-1.5335/40 needed to shift the immediate focus back to the short-side targeting 1.5280 and median-line support. A quarter of the daily average true range (ATR) yields profit targets of 29-31 pips per scalp.

Event risk for the remainder of the week is rather limited with only the University of Michigan Confidence survey’s on tap Friday morning. Although the FOMC policy meeting represents the biggest event risk for the week ahead, retail sales & inflation data out of both countries are likely to fuel added volatility in Sterling and dollar crosses ahead of the rate decision on Thursday.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

GBPUSD Rebound Sets Up Clear Scalp Levels Ahead of Major Event Risk

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex, contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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