GBPUSD targeting 1.5190 and lower

1 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

2015-09-24_9-25-22

The GBPUSD fell sharply after UK deficit rose. Adding to that public borrowing has risen unexpectedly and BOE revised down their growth outlook for the next half of the year. We also see no rate hike hints in near future.

Technically we can see that a giant triangle on the pair has been broken to the downside. On 4 hour time frame there has been no retest at this point. Also we see that POC ( L4,23,6, previous double bottom/historical sellers ) stands at 1.5320-40 and if its reached the pair should dip towards 1.5250 and 1.5190 initially. Have in mind also that when watching lower time frames we can also see that 1.5275 too is a level to watch for as it shows confluence on lower TFs.

read the original article on AdmiralMarkets.com

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