Wednesday’s Outlook For GBP/USD


GBP/USD 60 Min Chart

BIAS: We should see losses into the 1.3115-30 area

Resistance: 1.3224 1.3244 1.3253-60 1.3281

Support: 1.3183-96 1.3171 1.3150 1.3130-41

MAIN ANALYSIS: The expected range for the high was between 1.3165 and 1.3253. Yesterday saw the high at 1.3244. However, as long as we see a break below the 1.3190 low seen this morning there is still room down to 1.3175-80 – and I suspect this will just break and extend losses down to 1.3110 to 1.3135 area. Most likely we’ll see a pullback before further losses develop.

COUNTER ANALYSIS: Any direct break above 1.3244-53 could possibly reach 1.3281. At an extreme, the projection could reach 1.3315. If we see higher, still observe for bearish reversal indications.

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