Today's First For Trading Call

GBPUSD - Holds 61.8% pullback level; Bullish above 1.5492

Ian Coleman - First 4 TradingIan Coleman - First 4 Trading , Analyst, First 4 Trading
Filed in Today's First4Trading Call
United Kingdom, 11 July 2012 at 05:48 GMT+0
Recommended Recommend Unrecommend Recommend

GBPUSD's rally was sold Tuesday, and the dip bought, resulting in little net change for the day. The pair is holding above 1.5463, a 61.8% pullback of gains from 1.5268-1.5778 and yesterday's sell-off was strongly rejected. This is highlighted by the Single Print on Market Profile (1.5489-1.5477). As long as price action stays above 1.5492 (a break of the Value Area) our bias remains bullish.

Hence our call  Cautiously Bullish above 1.5492. The profit targets are 1.5550, yesterday’s high, then 1.5590, 5th July open, and towards 1.5620.

The risk to this call is that buying interest is weaker than currently assessed. This would be signalled by a move through 1.5492.

GBPUSD Daily

GBPUSD Market Profile

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  1. GBPUSD
  2. Forex
  3. Technical analysis

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