*Update GBP/USD Risky Limit Buy at 1.6658 (canceled)

The pair reversed some of its gains as the Dollar gained across the board. Dovish comments from the RBA, combined with Bernanke’s support for the Dollar yesterday have seen some orders realign.

GBP/USD, near term Bias remains mixed and a neutral stance is preferred.  UK fundamentals remain mixed spurring volatility in the pair.

From current levels, further retracement is possible before renewed buying interest emerges.

With further downward pressure, the pair finds initial support at 1.6712 (S1).

Following this level, GBP/USD will encounter support at 1.6688, 1.6654 and 1.6600.

From current levels 1.6770, the pair finds resistance at 1.6795 (pivot point), followed by 1.6875 and 1.6940.

Traders will be attentive to the reaction in the equity markets for guidance into near term moves.

TREND

Near Term: Neutral
Medium Term: Neutral
Long Term: Bullish

Trading levels in play:

*Update GBP/USD Risky Limit Buy at 1.6658 (canceled)

If pair rebounds near from entry by more than 20 pips cancel entry.

Risky Limit Buy (lower position size) @ 1.6658 Targets: T1 1.6688 – T2 1.6795 Risk 1.6598
* After 20 pips profit move stop to entry, take profit at will. Comments will follow if outlook changes.

DISCLAMER: The above post is for information only. Before making your investment decisions please acknowledge that the information provided herein should not be taken without your own individual assessment and extensive investigation, it should not be preempted as your own trading strategies, investment advice and/or trading portfolio.
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