Overview

Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete Top Down Analysis of the GBPUSD.

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GBP/USD monthly

Monthly support at 1.3514 & 1.3482, resistance at 1.4248.

Last month price tested 1.3514 and 1.3482 monthly support. Monthly trend remains up but MACD is trying to cross down signalling a possible change in the long term trend.

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GBP/USD weekly

Weekly support at 1.3411, resistance at 1.3913.

Weekly chart is in a downtrend showing a lower top and bottom. Price is rallying before the next decline.

Long term weekly double top pattern remains in play.

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GBP/USD daily

Daily support at 1.3609, resistance at 1.3726.

Price is rallying back up within last month’s range. Looking for price to fail at 1.3609 or 1.3726. Price failing at either one of these levels would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

Long term target for the weekly double top pattern remains at 1.3100.

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Source