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GBP/USD Outlook

The GBP/USD (British Pound/US Dollar) pair appears to be forming a basing pattern (blue box) in which an upside break appears the most likely resolution. A solid break above the 1.35 level would likely trigger a move back up to the 1.40 level. The ETF, FXB, is an alternative option for long exposure to the Pound Sterling. 4-hour period chart:

GBP-USD 4-hour July 14th

GBP-USD 4-hour July 14th

Jul 14, 2016 10:34am|Categories: Forex (Currencies)|Tags: , |4 Comments

4 Comments

  1. Profile gravatar of Teeps01
    Teeps01 July 14, 2016 10:38 am at 10:38 am

    Thanks Randy that’s great

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  2. Profile gravatar of upordown
    upordown July 15, 2016 4:40 am at 4:40 am

    hi randy.
    interesting chart..
    what would you consider a solid break above 1.3500? (in pips)
    do take the break out or look for a close of some sort hour 4 hour?

    side note.. yen is almost perfectly inverse correlated to sp these days. if the jy chart tells you it is about to make an up move on hourly or daily time frame then please share.. it will confirm a down move on sp nq..

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    • Profile gravatar of rsotc
      rsotc July 15, 2016 11:41 am at 11:41 am

      upordown – As far as a break over the 1.35xx level, rather that saying it will be on a certain amount of pips, I think it will be more like US Supreme Court Justice Stewart’s famous quote for defining pornography “You will know it when you see it”. Things such as: are prices just limping through that level without conviction or is the Pound blasting through that level (or gapping above it) with conviction? Has the GBP/USD consolidated quite a bit below that level to build sufficient energy for a sustained breakout or has the pair already made an extended run just to get up to that breakout point? Is the GBP or USD up against major support or resistance against another key currency such as the EUR or JPY at the time? Sorry I can’t give a hard number on that one. I just don’t see a very well defined level nor is my conviction on the GBP/USD chart very strong.

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  3. Profile gravatar of upordown
    upordown July 17, 2016 10:11 pm at 10:11 pm

    ok thanks.. i am just trying to work on my entry and stop loss location so helpful to see how other traders think..

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