GBPUSD Consolidating Just Below Key 1.4 Level
The GBPUSD is consolidating for a 3rd straight day, appearing to be gearing up for another test of the psychologically key 1.40 whole figure level. Significantly, any weekly close above 1.4 will dramatically increase the odds of a retest of the February high by sometime in May. Nevertheless, bulls should remain cautious for any sudden break below uptrend support (on the weekly chart), which would signal a deeper consolidation. Congratulations to readers alerted to the GBPUSD’s bullish momentum on Jul 23rd and who benefited. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of GBPAUD, Arabica Coffee
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