GBPUSD Institutional Technical Outlook

The longer we consolidate above the 1.23 support figure the less likely it will be to hold. Though it is very enticing to buy this support figure, the odds of it holding are slowly getting lower and lower the longer we hover above it. Rather than risking a short squeeze and a break of the figure, we will be waiting for the latter and a run down to stronger support at 1.2114.

We will be looking to buy GBPUSD down near the 1.2114 figure if it can get down there. BEWARE of GDP data from US tomorrow!! Such economic data can have a very big impact on price.

Enjoy!