GBPUSD Daily MACD Trying to Positively Cross

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The GBPUSD rebounded more than 50 pips yesterday and appears to be poised to retest triangle resistance (on the daily chart) and the September high as early as today. This widely watched level coincides as well with horizontal resistance (on the weekly chart), and could be probed with the release of the UK's GDP M/M and Manufacturing Production M/M data at 430am EST, or with the US' PPI M/M slated for 830am EST. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am flat after profitably closing longs yesterday and am looking at going long in the green zone (of the daily chart), targeting the red zone by Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). In addition to buy limits set in the green zone, I may place stop buys at 25 and 30 pips above the market price (5min before 430am EST), with 20 pip trailing stops and sell limits 50 pips above the stop buy entries. These buy stop bracket orders will be cancelled if the GBPUSD sees profittaking towards the green zone soon after 430am EST.

GBPUSD Weekly/Daily/4hr

GBPUSD Technical Analysis

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