GBPUSD – Poised to challenge 1.5780
GBPUSD is appeared to be in a multiyear triangle formation
between 1.7000 and 1.4200. Current down leg started from 1.6300 (April high) is
still in force. The corrective wave B started from 1.5265 (June low) could test
the 1.5905/1.5975 resistance before turning lower. A break below 1.5460/1.5265
would renew bears for 1.5000/1.4800. A reversal above 1.6000/1.6300 is needed
for bulls to take hold.
After
completing a month long sideways consolidation at 1.5460, the pair is poised to
extend its corrective uptrend. Upside focus is now on 1.5740/1.5780. A break
above could aim for 1.5850/1.5900 next. The 1.5550/1.5460 support looks to hold
now. A reversal below however dampens bulls and retests the key swing low at
1.5265 initially.
Anantharajan .P, CMT (Technical Strategist, Precise Trader)
