18 August 2016, GBP/USD
GBP/USD is currently trading around a key supply level 1.3046. Unless there is a clear breakout above this level, we expect a possible bearish price reversal from this level to go short. A clear breakout above 1.3066 will likely culminate into a possible bullish price rally but should not go beyond 1.3137. This pair should be traded alongside GBP/JPY, GBP/CHF, AUD/USD, NZD/USD and GBP/CAD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.
Expect a possible rebound from 1.3046 to go short with an ideal target at 1.2997. A breakout above 1.3066 will call for long positions with an ideal target at 1.3099.
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us