Could this be the drive that moves the cable, GBPUSD out of this trading range? The GBPUSD overnight trade saw the instrument trading within the yesterday’s levels of 1.6309 and 1.6503.
Today’s analysis shows that the sterling is at a crossroad. We are beginning to see a head and shoulders formation from the 4-hourly timeframe as shown on price chart at 1.6516 resistance line. Linear Regression still looks bullish but will the pair break out of this range?
GBP Daily Forecast
A breakout above the 1.6550 would see a 1.6613/1.6700. For now, cable need just more than the daily wind of sail to break these levels. As a result of this, we see the pair receding to 1.6330/6350.
On a final note, watch out for economic reports today. This could sway opinion which ever way depending on how good or bad they are. Have a great day and happy trading.
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