GBPUSD
GBPUSD closed @ 15655 which was UNCHANGED from the open and was within prior day’s trading range. The High was 15 pips from Precise Trader’s Res Zone 1 and the Low was 10 pips from Precise Trader’s Sup Tgt 1.
The Hourly Oscillators are MIXED and the Price is Above the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 15500 holds and Daily Trend is Limited Down while 15910 holds, so expect the Price to be Choppy until the Breakout.
The Daily Closed unchanged but away from the Low and we believe that the Bulls may clear the congestion Zone. The Patterns are suggesting a range trading until it breaks out of the triangle. The Hourly looks like we may see a breakout higher and the Bulls must crack and hold 15690/15715 levels for further push higher and must protect the 15595-45 levels at all times. The Patterns are giving a price projection 15715/15815 levels and we are on the assumption a breakout may be seen soon. The 15min is suggesting a choppy session until the breakout and the break of 15690/15715 is needed for the Bulls. The Opening Price Principle suggests that the downside may be limited and we may see an upward pressure but Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 15600 15545 15505 BEARS: 15695 15750 15815
Today’s Strategies: LONG @ the 2nd time Breakout 15590 with a tight stop with a 50-80 pips price target.
