Rip your face off, chew you up and spit you out. There’s still life in the old dog yet.
1.7150 holds some decent sell interest and a nice juicy barrier and the attack is on. 1.7147 the high so far but it looks like a matter of when not if at the moment.
GBP/USD weekly chart 01 07 2014
Technically we can run wild and free all the way up to the 50.0 fib of the 2007/2009 hi/lo at 1.7330, though I expect they’ll be some orders in the way of that run.
Zooming in a bit, support at 1.71 was enough to give buyers the base they needed and we haven’t looked back. Stronger support is down at 1.7050 then 1.7000/05 but the dippers aren’t even waiting for any sort of retracement before loading up.
GBP/USD h4 chart 01 07 2014
GBP/JPY is on its way towards the early Jan highs at 174.82 and also faces the 61.8 fib of the 2008/2011 hi/lo at 178.03 and has the 200 mma not far away at 177.55.
GBP/JPY monthly chart 01 07 2014
Basically, if it’s got the Queens head on it it’s being bough today. And it’s turning into a bit of a risk day as USD/JPY and EUR/USD join in too.
It’s tough to trade if you’re not on board and easy to get sucked into trying to pick a top. As always the best advice is not to get too keen to trader the pair unless you have a plan and levels you want to get in at. If we shoot through 1.7150 then I’ll probably play my usual big figure short at 1.72 for a scalp but it depends on who the old girl wants to play it.
