GBP/USD: Levels, Ranges, Targets

Yesterday’s GBP/USD 153 pip range was located from 1.2299 to 1.2146. Today’s overall range expands by 3 pips to 156 pips from 1.2317 to 1.2161. Topside rose by 18 and bottom rose by 15 pips.
Yesterday’s topside sell points were 1.2280, 1.2286, 1.2290 and most important 1.2299. GBP/USD hit 1.2296 and reversed to 1.2223. Yesterday mentioned 1.2200 to 1.2224 contained many and solid supports. The performance in GBP/USD was trade inside its 1.2299 to 1.2224 ranges. Now its at bottom range from the topside failure.
Bottom points today are solid and many beginning with 1.2206 to 1.2230. From 1.2206 next comes 1.2215, 1.2226, 1.2230, and 1.2233. Most vital in this series is 1.2226 and 1.2230 because both are range points contained inside GBP as well as USD.
Longs for today must break above 1.2230 to then range from 1.2230 to 1.2286 with target and must break at 1.2256. Topside points begin at 1.2289 then 1.2299 again and 1.2303 and 1.2308.

 

Brian Twomey, Inside the Currency Market, btwomey.com

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