A common them runs through GBP pairs and its tough resistance lies ahead in terms of current prices. I’m not convinced to jump yet but I;m informing as to alerts and what I’m looking at in terms of the next trade set ups.
I like GBP/CAD, its a great pair accompanied by good movements but at current 1.7420, massive resistance ahead lies at 1.7493, 1.7553, 1.7569. From a daily perspective in current model, 1.7509 is not only a big break but GBP/CAD is out of range above 1.7383. Overall GBP/CAD is in a terrible location as any downtrend begins at 1.7245.
The current bottom is located at 1.7275, then comes 1.7245 and a drop off to 1.7225 and 1.7201. Short may be the way for GBP/CAD. Overall, I like GBP/CAD long because its price is extremely low but its not ready yet. Low price means GBP/CAD has potential to skyrocket higher.
GBP/USD. Most vital break is not only 1.3260 but the top of the daily point is located at 1.3282. Above 1.3260 then range becomes 1.3260 to 1.3371 and in no man’s land and its the same location for GBP/CAD.
GBP/USD bottom is located at 1.3146 and 1.3141 then a drop off to 1.3130, 1.3127, and 1.3107.
GBP/JPY above big line break is 135.60. GBP/NZD big break is 1.8178.
How about as I write, GBP/CAD dropped from 1.7431 to 1.7410, that’s 21 pips and half of the 50 pip goal would’ve been done.
In the overnight, strategy is sell any rises in GBP pairs. The other recommendation is stay clear EUR/USD and cross pairs except EUR/INR.
Brian Twomey, Inside te Currency Market