Today’s Forex Guide

GBP/USD Entered Ichimoku Cloud


Jul.08.2015

6:20 PM (EST) Update

GBP/USD Monthly

Technical Analysis

British pound continues to head down versus US dollar after failing to break above the 50% Fibonacci level and just entered the Ichimoku cloud on Wednesday heading towards our bearish target of 1.5220. The extension is set at 1.50.

Fundamentals

On the economic calendar, Australia’s Employment Change is scheduled to be out on Thursday at 2:30 AM GMT and we could get more volatility on the British Pound as the New York session begins at 12 PM GMT with UK Official Bank Rate. US Unemployment Claims are scheduled to be released at 1:30 PM and a better than expected number could move the GBP/USD pair further down.Friday is pretty light with Canada’s jobs number at 1:30 PM and Fed head Jannet Yellen speech at 5:30 PM to end the trading week.

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
1.5220 1.5590 1.5890
1.50 1.5890 1.62

*Important Note: The support and resistance levels are not suitable for all traders and largely depend on your account size, margin and leverage. Book a private lesson to learn how to personalize your account based on our trading guide.

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