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    GBP/USD: repulsed for the fourth time at resistance

       
    The pair has pushed up and been repulsed by resistance from the monthly pivot at 1.5660-70 on four occasions now. This makes this level particularly significant, and a break above it, including a margin of confirmation – so above 1.5695 would probably lead to a potentially explosive move higher, perhaps to as high as 1.5800.

    Alternatively it is possibly the most recent pull-back is an unfinished a-b-c correction, in which case the C leg may still have further to go, with a break below the 1.5675 level, possibly leading to a move down to 1.5635, at support from the trend-line.
    GBPUSDH4

       
    The pair has pushed up and been repulsed by resistance from the monthly pivot at 1.5660-70 on four occasions now. This makes this level particularly significant, and a break above it, including a margin of confirmation – so above 1.5695 would probably lead to a potentially explosive move higher, perhaps to as high as 1.5800.

    Alternatively it is possibly the most recent pull-back is an unfinished a-b-c correction, in which case the C leg may still have further to go, with a break below the 1.5675 level, possibly leading to a move down to 1.5635, at support from the trend-line.
    GBPUSDH4


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