GBP USD Could Take Shot at 1.6523 to 1.6531

The GBP USD didn’t participate in yesterday’s break and is trading higher overnight ahead of today’s U.S. GDP Report.  Expectations are for this report to show the first growth in over a year of 3.2%.

The GBP USD didn’t participate in yesterday’s break and is trading higher overnight ahead of today’s U.S. GDP Report.  Expectations are for this report to show the first growth in over a year of 3.2%.

The GBP USD remains in an uptrend.  The main range is 1.5706 to 1.6601 with a retracement zone at 1.6198 to 1.6082.  The market came close to, but did not test this area on the break.

Based on the short-term range of 1.6691 to 1.6250, look for a possible rally to a retracement zone at 1.6471 to 1.6523.  Downtrending Gann angle resistance is at 1.6531.  This makes 1.6523 to 1.6531 a potential upside target.

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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