GBPUSD Overview

Hello Price Action Traders.


The GBP/USD keeps falling since July 16 after the rejection of the resistance at 1.71650. Today the Cable has violated the bullish trendline showing a sign of weakness and has reached the 1.69 zone. In the daily chart 21 exponential moving average maintains a strong bearish slope. Furthermore, the better than expected US GDP data (QoQ, 4% vs 3.0% cons.) boosted the Dollar. However, I would wait for a Price Action signal before placing an order. On the upside, resistance resides at the 1.69950/1.70 area. Further down, support lies at the 1.68200 level.


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Luigi Bazzarelli, Professional Trader member of

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