GBPUSD: Upside | Forex Currency Trading
Expectations are low for a decent industrial production number this morning, so there is room for upside surprise. However, the upside should still be muted to recent range highs in the 1.44963-1.45082 region (Forex Currency Trading).
GBPUSD Intraday Gains
The GBPUSD pair 4 hours chart shows that the price is now a handful of pips above a horizontal 20 SMA, around 1.4500, and the 200 EMA in the 1.4480, whilst the technical indicators have turned sharply lower, and the RSI indicator is about to cross below its 50 level, supporting some additional declines on a break below the mentioned EMA.
GBPUSD Short Trade
Having retreated from the 1.45022 zone and in the absence of economic developments, the pair is currently trading at the 1.45059 area, virtually unchanged on the day.
GBPUSD Continue To Swin In Triangle
Medium-term we still believe the market should remain in a range between 1.4050/1.3980 (1.35 key below there) and the 1.48-1.4950 region. A move up through 1.50 is needed to suggest the 30-year support in the 1.40-1.35 has again held and technical analysis would look for a gradual move back towards the 1.60/1.65 range over the longer term.
GBPUSD: Butterfly Pattern 4 Short
GBP/USD staged an impressive rally on Tuesday, without a clear trigger, as jitters grow ahead of two key events for the pair, the Fed meeting on June 15, and the referendum on EU membership June 23. ENTRY:1.45251 SL:1.46172 TP:1.438 TP2:1.42893 (Forex Currency Trading).
Analysts from Lloyds Bank pointed out that there is room for the upside in the GBPUSD pair, but it should still be muted to recent range highs. GBPUSD made an early attempt to recover the 1.46 mark but failed, and pulled back, erasing completely intraday gains.