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Key Resistance: 1.3980 – 1.4080
The GBPUSD has rallied 3% (407 pips) from last week’s lows around the 1.3560 level. This base / key level is where we saw buyers jump in at the beginning of February pushing price up about 5.07% (687 pips) to test the massive 1.42 level.
Last week. buyers jump in again at this exact same level and now price is trading inside a very structured bullish move.
we haven’t seen any real deep pullbacks in this move which suggests, with the USD dipping, a very strong Pound. The deepest pullback was just 0.59%.
Right now, the GBP’s upside is being capped by the 1.3980 level (yesterday’s and today’s highs) whilst creating higher lows. This trade is more USD driven in the sense that we are looking at further downside after the break of the reversal pattern and the extremely dovish press conference yesterday from Chairman Powell. The main topic was inflation and most importantly, the non tapering of the current asset purchasing program.
All of this is as bearish as it gets for the USD.
Our buy stops on the Pound-Us Dollar are aimed at a break of today’s lows on the USD come pre market volume.
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