GBPUSD forex technical analysis 1 June 2015
If there's one thing I like more than a strong technical level, it's lots of strong technical levels converging in one area
That's the case in cable on the daily chart which sees the 1.5175/85 area filled with what was a minor Nov 2014 support line, and the 55 & 100 dma's
GBPUSD daily chart
A confluence of tech can be a great place for both the short term and longer term trader. When the pound was fell from the 1.56 level last year, the 1.52's was where I started loading up on longs in anticipation of BOE rate hikes. I'm still long from sub 1.50 and looking to load more up as we dip lower towards 1.50. I like the look of the tech at the 1.5175/85 area for both a quick bounce and a place to add to my overall position
The main risk to the tech is the current dollar sentiment, and we've got such a big week for US data, starting today. On balance I might just play a smaller intraday trade and see how it plays out, otherwise I may just leave it alone until I see what happens with the US numbers later
For the rest of my longs, I'll be taking them off the table if 1.50 and 1.4980 breaks and will look to load up again down near the year's lows if we go there
