Trade for the week Cable (GBPUSD) 120916

Last week was paying careful attention to the head and shoulders setting up on H4 – having failed to have broken below support (this week’s WM2) I am seeing some bullish moves on this pair. Keep an eye on Pound data coming out this week. Also seems very unlikely that the FOMC will increase rates next week. Pay attention to any comments out of FOMC members as this could lead to USD strength or weakness.
Have trapped price in a range on H1 and will trade pull back as per below charts. Bull target for the week is WM4.

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

GBPUSD H4

GBPUSD H1