GBPUSD Chart Analysis 02 Feb 2016
GBPUSD: 4h - Daily view
GBPUSD also broke out from the range between 1.41 and 1.43. Pair gained momentum and printed 1.4680 after which it pulled towards 1.4450 afte Friday's NFP. The price pattern looks very bullish for the moment.. C.O.T data suggests extreme levels are building up. This is a warning sign rather than an indication of the trend reversal. Given fundamental signals, GBP is still bearish currency.
Bulls @ 1.4400
Bears @ the same 1.4400 - The levels has to be broken to the downside and the price taken out one again.
GBPUSD: 15-30 min view
On the shorter timeframe, GBPUSD is looking very bullish. The price is expected to pull down towards 1.4400. This is a former resistance and now a strong support. It should serve a perfect entry for any bulls.
On the other hand, for short traders, 1.4400 needs to be broken to the downside to confirm the downtrend continuation. After breaking 1.4400, look for pullback towards the same 1.4400 levels to enter short positions. Targets - the recent low @1.4100
GBPUSD also broke out from the range between 1.41 and 1.43. Pair gained momentum and printed 1.4680 after which it pulled towards 1.4450 afte Friday's NFP. The price pattern looks very bullish for the moment.. C.O.T data suggests extreme levels are building up. This is a warning sign rather than an indication of the trend reversal. Given fundamental signals, GBP is still bearish currency.
Bulls @ 1.4400
Bears @ the same 1.4400 - The levels has to be broken to the downside and the price taken out one again.
GBPUSD: 15-30 min view
On the shorter timeframe, GBPUSD is looking very bullish. The price is expected to pull down towards 1.4400. This is a former resistance and now a strong support. It should serve a perfect entry for any bulls.
On the other hand, for short traders, 1.4400 needs to be broken to the downside to confirm the downtrend continuation. After breaking 1.4400, look for pullback towards the same 1.4400 levels to enter short positions. Targets - the recent low @1.4100
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