Of late, the GBP/USD has been seen ranging between the H4 mid-way support at 1.2450 and the psychological band 1.25. Of particular interest on the H4 chart, however, is the potential AB=CD bearish pattern that terminates around the upper edge of supply coming in at 1.2596-1.2568. Still, before this can come to fruition, April’s opening line at 1.2541 and the mid-level resistance at 1.2550 needs to be consumed.
Looking over to the bigger picture, weekly action is seen meandering between a Quasimodo resistance at 1.2673 and the 2017 yearly opening level at 1.2390. In addition to this, we can also see daily price loitering mid-range between resistance plotted at 1.2582 (lodged within the aforementioned H4 supply) and demand at 1.2334-1.2379.
Our suggestions: With the US non-farm payrolls employment report just around the corner, we are hesitant to take on any positions right now. Ideally, we’re looking for the NFP to push prices north to help complete the above noted H4 AB=CD structure.
Data points to consider: UK manufacturing at 9.30am, BoE Gov. Carney speaks at 10am. US non-farm payrolls employment report, Average hourly earnings and unemployment rate at 1.30pm. FOMC member Dudley speaks at 5.15pm GMT.
Looking over to the bigger picture, weekly action is seen meandering between a Quasimodo resistance at 1.2673 and the 2017 yearly opening level at 1.2390. In addition to this, we can also see daily price loitering mid-range between resistance plotted at 1.2582 (lodged within the aforementioned H4 supply) and demand at 1.2334-1.2379.
Our suggestions: With the US non-farm payrolls employment report just around the corner, we are hesitant to take on any positions right now. Ideally, we’re looking for the NFP to push prices north to help complete the above noted H4 AB=CD structure.
Data points to consider: UK manufacturing at 9.30am, BoE Gov. Carney speaks at 10am. US non-farm payrolls employment report, Average hourly earnings and unemployment rate at 1.30pm. FOMC member Dudley speaks at 5.15pm GMT.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.