GBPUSD 2015-09-10

GBPUSD
1.5391

Symmetrical Triangle; range market pattern!

Today it is considered as the major day for the sterling; awaiting the rate hike.
As shown on the chart the market is trading within a symmetrical triangle, moreover, that pattern has been broken at 1.55s levels.

On the Short-Term:
The market retracing it is breakout candles, to retest the broken pattern; however, of the liquidity increased and an accelerated sell-off is activated on the pairs we would see the market trading near the levels of 1.51 (which considered the major support. On the other hand, the retracement of the breakout should not penetrate the levels of 1.56, because in that case the bull scenario will be activated and we will wait a test for the levels of 1.57 & 1.59 respectively.

On the Mid-Term:

The levels of 1.59 and 1.51 considered to be the higher and lower boundary respectively for the mid-term range in general. By breaking 1.51 levels on the down side move we will await a test for the levels of 1.45 /1.42. Finally, upward breakout will drive the prices to levels higher than 1.60 & 1.62.

On a longer-Term View:
The longer-Term view is more uncertain, The BoE is expected to be the first central bank to hike rate after the Fed Hike! With a higher interest rate compared to other currencies, sterling will have a big push upward which is driven by searching for higher yield currency. So till now we would focus on the short and mid-term technical view, and we are keeping an eye on the major economic overview to evaluate the major trend for sterling.
For sure we will keep you updated just follow our reports update!

Daily Trend: UP
Weekly Trend: Down

	Support	Resistence
Level 1	1.5370	1.5680
Level 2	1.5250	1.5750
Level 3	1.5087	1.5880