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GBPUSD weekly close at 1.6

GBPUSD weekly close at 1.6

Cable pushed lower on  Friday and the daily candles are indicating another push lower could be on the cards.  If the early weeks trading does not push through the level with continued momentum the strong support area could hold but it is looking vulnerable right now. 

cable weekly studies 300x135 GBPUSD weekly close at 1.6

I am more inclined to look for longs on the daily time frame and a bullish setup at this level would be of interest as weekly studies still look like there is upside potential.  A break above last weeks high could see a retest of the double top that has formed around 1.6290.

  • Support is seen just above 1.5800 with a 50% retrace level seen as confluence with price action structure.  Next support is at 1.5650.
  • Resistance is seen at the key 1.6290 double top zone. 

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