The GBPUSD is looking fairly bullish now on the weekly chart as its RSI and Stochastics are turning up from oversold levels, while the MACD blue line appears to want to flatten. The first upside target is in the 1.63 zone, which is roughly where the 38.2% Fibonacci resistance level kicks in. The current bounce occurred off the 50% Fib support level. The 1.63 level is also near the 3 month downchannel resistance, and a horizontal resistance/support line going back to 2012. Longer term, I`m still bearish as the monthly charts point lower, to possibly a retest of the 2013 low.
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Feel free to visit stks.co/h198G for today's technical analysis on $GC_F, $SI_F, $USDX, $EURUSD, $USDJPY, $GBPUSD, $NG_F, $CT_F, $ZC_F, $ZW_F, $SB_F, $KC_F.
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