Trade view /
17 July 2017 at 6:50 GMT
GBPUSD has broken out of the triangle formation to the upside. The measured move target is 1.3252. What was resistance (18 May high-trade) now becomes support at 1.3046. Fridays Marabuzo level is at 1.3020.
Monthly – Moved higher from the Fibonacci confluence area at 1.1392-1.1592. Dips continue to find buyers. Prime resistance (last swing low) is at 1.3501
Weekly – We look for a bearish Elliott Wave count (5 waves) to now be complete. Holding within the weekly Ichimoku Cloud. This sometimes results in mixed results on the daily chart.
Daily – Broken out of the triangle formation to the upside. The measured move target is 1.3252. What was resistance (18th May high-trade) now becomes support at 1.3046. Fridays Marabuzo level is at 1.3020. This is our support ‘zone’
Intraday (four-hours) – Broken out of the Head and Shoulders formation to the upside after continued buying from levels close to the 50% Fibonacci level of 1.2808. A re-test of the breakout level is at 1.3023. The measured move target for this formation is 1.3470 (close to monthly resistance)
Source: Saxo Bank
Management and risk description
Buying at 1.3040-1.3020 zone
1.3250 and 1.3470
— Edited by Clemens Bomsdorf
Non-independent investment research disclaimer applies. Read more
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