GBPUSD - 1.40 handle was key price for this market acting as strong resistance Teus, Wed & Fri. Above 1.40 is the is the descending line of the triangle which could provide resistance, lining up also with 1.4050 adding to the resistance. A break through would be more bullish & could generate intraday long set ups and potentially test of Feb16 high (1.4150). Before I get too long bias, i'd at least like to see this market drive through 1.40 handle and worry about 1.4050 when we get there.
If this market breaks below the lower line of triangle next area of support is Feb22 low (1.3860) and the 1.3850 handle, tested multiple times mid Feb as support. Break below here could generate bearish intraday set ups, next support 1.38 handle and low point of Feb09 (1.3760). Interesting intraday technical point 1.3905 & 1.39 handle tested Feb21 & Feb23 as support, was also the low point of the flash crash last Friday. Before i get too bearish on this market I'd like to see the 1.39 handle break to the downside and also take out the Feb22 low.
Catalysts:
Mrs.May brexit speech on Friday, second speech out of two going in to March EU leaders summit. Any brexit related rumors or headlines GBPUSD still very sensitive too.
No real UK economic data releases this week, although US GDP Wednesday & US ISM on Thursday. Any other surprise news releases released could also change the picture as always
If this market breaks below the lower line of triangle next area of support is Feb22 low (1.3860) and the 1.3850 handle, tested multiple times mid Feb as support. Break below here could generate bearish intraday set ups, next support 1.38 handle and low point of Feb09 (1.3760). Interesting intraday technical point 1.3905 & 1.39 handle tested Feb21 & Feb23 as support, was also the low point of the flash crash last Friday. Before i get too bearish on this market I'd like to see the 1.39 handle break to the downside and also take out the Feb22 low.
Catalysts:
Mrs.May brexit speech on Friday, second speech out of two going in to March EU leaders summit. Any brexit related rumors or headlines GBPUSD still very sensitive too.
No real UK economic data releases this week, although US GDP Wednesday & US ISM on Thursday. Any other surprise news releases released could also change the picture as always
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