GBP/USD hits 2nd Take Profit for us at $1.3080. As suggested earlier, it broke above 1.3040 on FOMC and when FED Keeps its rate unchanged at 0.50%.

Guys, Unemployment claims released bu US and these are better than expected. US Dollar is likely to get a breather against its peers.

Fundamentals:

USD:

– The Unchanged rate at 0.50% is likely to weaken USD, causing buy in GBPUSD. So it happened, GBPUSD is bullish after unchanged rate guys.

— Unemployment claims: Better than Expected
Previous: 260K
Forecast: 261K
Actual: 252K

Technical Levels:
S: 1.2905 1.2944 1.2968
Pivot: 1.3007
R: 1.3046 1.3070 1.3109

Previous Analysis:
– Breakage of resistance @ 1.2990 is likely to lead market towards 1.3080.

New Analysis:

– Fundamentals are not in favor of buying GBP/USD right now, if market breaks above 1.3080 level, it’s then very likely for GBP/USD to complete 61.8% retracement at 1.3130 before further selling in the pair.

Recommendation:
Good to Buy Above 1.3000 SL: 1.2975
TP: 1.3040(Achieved)/ 1.3080 (Achieved)/1.3140 (guys, If you are still holding, hold it with stops at breakeven price)

New Recommendation:
Sell below 1.3140
Tp: 1.3075
Sl: 1.3165

Scale Alert- GBPUSD

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.