GBPUSD H1
Cable took a hit in early London trade with a number of economic data missing the mark, the worse than expected data also coincided with a 3 Drives pattern that helped to send Cable lower. However, the market has bounced back with the bulls continuing to pick up Cable on dips after the market took out the AB=CD (Purple) and 50 Fib at 1.54700/900.
GBPUSD M30
Intraday players will be closely eying the 1:1 (Yellow), 50 and 23.6 Fibonacci levels that coincides at 1.55250, if this level fails to attracted a solid bid the bulls will turn their attention to the 1:1 (Light blue) and 61.8 Fibonacci level that come together at 1.55000.
* A 1:1 refers to a current correction being equal in length to a prior correction
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Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE