Sterling has been blasted lower after BoE governor Carney cast doubt on a previously pretty-much-expected UK May rate hike. The EU's rejection of Britain's latest Brexit-Irish border plan only served to deepen the rot.
Medium term
Trade view / 17 July 2017 at 6:50 GMT

GBPUSD breaks reverse Head and Shoulders to the upside

Analyst / PIA First
United Kingdom
Instrument: GBPUSD
Price target: 1.3252
Market price: 1.3083

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
Source: Saxo Bank

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. 
Source: Saxo Bank

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’ 
Source: Saxo Bank

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)
GBPUSD 4 Source: Saxo Bank 

Management and risk description


Entry: Buying at 1.3040-1.3020 zone

Stop: 1.2990

Target: 1.3250 and 1.3470

Time horizon: medium-term 

— Edited by Clemens Bomsdorf

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on is found here
17 July
h.alfayyad h.alfayyad
17 July
seas seas
I think we double down here at 130.70, support at 130.555
17 July
seas seas
Rejected the 89.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer
- 沪ICP备13028953号-1

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail