Yesterday, my colleague analyzed cable, GBPUSD and forecast a possible pullback from 1.6516 (it’s traded level at the time writing). The market has since realized though it flirted with a move above the predicted 1.6550 resistance.
However, that pullback have since been realized in the overnight Asian/Pacific trades.
Today’s GBPUSD play would highly depend on the preliminary quarterly GDP reports today. If this news Â come in trumps we might see a market reaction pushing for yesterday’s high and possibly 1.6600 mark. But any negative report should set the tone for a possible 1.6330 again.
In the meantime, the intraday indications are showing signs of over-bought. Yesterday’s head and shoulders have since turned double-tops. This is contrary to the general assumption of GBPUSD sentiments of any further rise. Here at Siriusforex, we have drawn-on our hats of caution and so should you. Have a great day.