GBP/USD outlook: Intraday 5502-23 is key level. Targets below are 5478, 5457-49, 5421, 5397, 5383 and 5365-41. Above targets are 5542-49, 5580, 5603, 5628, 5641-46 and 5664. Today’s sensible range is 5421-5523/42 or 5457-5549/80. If gold stays below 1129 and EUR/USD stays below its key level of 1202-28, GBP might remain bearish or vice versa. If USD/JPY remains below 120.11 and GBP/JPY remains above 186.28, positive momentum might be observed or vice versa. If EUR/GBP is trending above 7249 and EUR/USD is in bullish mode, GBP/USD might remain under pressure or vice versa. If the market goes out of these ranges stay away from it as that will be an abnormal behavior from intraday trading perspective.
From trend follow-up perspective important closing rates are > or < areas of 5523, 5478, 5421 and 5383. Note: To know the strategies and directions to trade, maintain your portfolio at Shivani Financial. The analysis given is not trading signals but the market picture.