Nicole Elliot of Mizuho Bank wrote,”Stalling against the 38% Fibonacci retracement of the third leg lower and well below immediate trendline resistance with a ‘doji’ candle yesterday. Relief, but still well below last week’s high at 1.7518 which just goes to show what massive moves we have seen over the last four months.Expect a cautious drift lower today.”

Mizuho’s technical analysis:
Market is sideways. Suggested strategy is to attempt tiny shorts (sell) at 1.6400; stop above 1.6685. First target 1.6200 and second target is 1.5800.

Danske’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) if price breaks 1.6675 with first profit target at 1.7235. Place the stop at 1.5875 or change trade direction if price breaks it. Profit target for this sell (short) entry is 1.5590.

Ino MarketClub’s Trend analysis:
A downtrend is underway (score -75)

At the time I write this, gbp/usd price was ranging around 1.6160. I’m expecting a possible short (sell) entry if price breaks 1.5989 on my 1 Hour chart. If I make this trade, I will place the stop at 1.6040 (mizuho’s technical analysis’ second support) and place profit target at 1.5875 or 1.5590. I will closely watch this trade.

Please note that this is just a trading idea, I do not execute trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.