Though cable behaved very bullish with every dip being bought ahead of the 1.6250 large quarter point, GBPUSD continued to find resistance at the 1.6427, the 38.2% Fibonacci retracement level on the monthly chart. Thanks to @pdtpatrick for sharing!
If cable continues to fail at 1.6430, then price will fall back to 1.6250. A break below this level, targets 1.6100 support and then 1.6000.
The EURGBP continues to find support at 0.8850. As long as 0.8800 continues to hold as resistance, this pair continues to be bullish. Target of 0.8900 and 0.9000 remain.
The GBPAUD is still rangebound. Price now at the top of the range and the AUDUSD below 1.05 major half point, watch GBPAUD to continue higher towards the 1.5750 large quarter point. This pair remains bullish as long as price is unable to break below 1.5425.
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fmfx posted this
