GBPUSD Daily MACD Positively Crossing Ahead of US CPI
GBPUSD Weekly/Daily/4hr
The (GBPUSD) is consolidating for a 3rd straight day near downchannel resistance (on the 4hr chart). The GBPUSD appears to be readying to complete (in the next week) the Bull Flag consolidation since the mid December high. Odds are elevated for a break above the psychologically key 1.25 whole figure level sometime in January, with bullish momentum arriving as early as today 830am EST after the US CPI data and Friday following the UK GDP data and US preliminary UoM consumer sentiment data. Monitor as usual the Ukraine-Russia conflict. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on EURUSD, GOLD
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
