GBP/USD: UK Employment Game Plan- Constructive Above 1.44
Talking Points
- GBPUSD 1.44-1.4530 key range in focus ahead of UK Jobs Report
- Updated targets & invalidation levels
- Check out FXCM’s Forex Trading Contest!
GBPUSD 30min
Technical Outlook:Last week I noted that, “From a trading standpoint, the move off parallel resistance noted last week remains in focus and I would be looking for support heading into the lower median-line parallel (blue)...” Sterling opened the week at this parallel on building divergence and we’ve been tracking this rally on SB Trade Desk since the open. Heading into tomorrow’s U.K. employment releases, the immediate focus remains higher / looking to buy pullbacks while above confluence support at 1.4405 with a break below the weekly open at 1.4346 needed to shift the near-term outlook back to the short-side.
Near-term resistance stands at 1.4528/33- a region defined by last week’s high and the monthly high-day close (that was the day we tested & failed at the 2016 open 1.4730). A breach higher eyes subsequent resistance objectives at the February high-day close at 1.4588-1.46, an area where the near-term rally would start to look vulnerable. We’re also tracking a similar setup in GBPJPY. Keep in mind we also FOMCMinutes tomorrow and UK Retail Sales on Thursday.
Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.
CONTINUE?
