Pound broke through the bottom of the range yesterday and was down all day with no return to the bottom of the range. Keep an eye on 1.28508 as key resistance. Keep an ear to the ground on BOE speakers with next week’s BOE rate decision. Also a good idea to read up on their minutes from their previous meeting which you’ll find on their website. Services PMI is being released today and BOE member Broadbendt is speaking today. Below is a technical overview for your consideration.

Note:
a. Please read Kate’s post on Forex Major Currencies Outlook everyday so you are up to date with the latest news. You can follow Kate here
b. Please be aware of risk events for the day by using the Forex.Today calendar
c. Watch Wayne’s webinar daily at 13:30 SAST or catch the recording on the Forex.Today Youtube Channel

GBPUSD Daily

Currently below MS1 with MM1 below as next level of support and Bear target for the month.

GBPUSD H4

Broke through WS3 yesterday. Keep an eye on price action at the 5 EMA. Also pay attention to the 21 and 55.

GBPUSD H1

Resistance highlighted in pink. Keep an eye on price action in this zone and also keep an eye on the 21 and 55.

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