GBP USD Poised to Breakout Over 1.6585

The better than expected U.S. GDP report has helped fuel the intradayrally in the GBP USD.  This is coming on the heels of a U.K. reportfrom earlier in the week citing an increase in home prices.

Intraday Analysis

GBP USD

The better than expected U.S. GDP report has helped fuel the intraday rally in the GBP USD.  This is coming on the heels of a U.K. report from earlier in the week citing an increase in home prices.

Traders are also supporting the Pound on the thought that the Bank of England will announce an end to its asset buyback program at next week’s central bank meeting.

Technically, this currency pair seems poised to breakout over the last swing top at 1.6585.  This move will turn the main trend to up on the daily chart and set up a possible test of the June high at 1.6743.  Trader’s should note that a new higher swing bottom has also been formed at 1.6338.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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