Inside the Currency Market: GBP/USD

From current 1.5384, three big points exist below: 1.5223, 1.5188 and 1.5045. Above lies range points at 1.5516 and 1.5551. Two Moving average lines above at 1.5400 and 1.5691 are descending slowly everyday on current price. To head higher, GBP/USD must break the 1.5400 point to target 1.5458 then 1.5487.

GBP/USD. Bottom. 1.5292. Range break above 1.5516, Below 1.5223. Ranges are wide. Overbought Sell point 1.5400, 1.5458. target met at 1.5400, then short to target 1.5385. Target met at 1.5458, short target becomes 1.5414. Strategy. Longs above 1.5370, Target 1.5400.

Shorts below 1.5370, Target 1.5331. Points in the 1.5300’s are many so watch for reversal higher to target 1.5370 and higher. First point 1.5346 then 1.5337, 1.5334, 1.5333, 1.5330, 1.5331 then 1.5311 and Bottom 1.5292. If bottom 1.5292 breaks lower then next 1.5223, 1.5188.

Brian Twomey, Inside the Currency Market, btwomey.com

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