GBP/USD intraday: intraday support around 1.624
Our preference: LONG positions @ 1.625 with 1.628 & 1.63 as next targets.
Alternative scenario: The downside penetration of 1.624 will call for 1.621 & 1.619.
Comment: the pair stands above its support and remains on the upside.
Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
The pair, after a strong rally up, seems to have run out of steam. In addition to the reversal candlestick pattern, the Stochastic is also pointing down and moving out of the overbought territory. If this continues, we may see the pair pullback to the Fibonacci retracement levels of the advance from 1.6000 to 1.6305
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Shayne Heffernan Ph.D.
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Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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