The GBPUSD was uneventful last week, to say the least. In fact, after five days of trading, the pair closed the week just five pips above its opening price of 1.3533.
Last Sunday we pointed out 1.3600 as the resistance level to watch. Sellers played their part well only allowing buyers to see a high of 1.3617 briefly during Thursday’s session before forcing a 1.3515 close.
That same session carved the weekly low at 1.3459, which is just two pips above the current 2018 low.
Those two levels, 1.3460 and 1.3600 give us a range to keep a close eye on for the week ahead. While we are not interested in trading the range, we will wait a daily close (New York 5 pm EST) below 1.3460 or above 1.3600.
A daily close below 1.3460 would expose the next key support at 1.3300. Alternatively, a close above 1.3600 would target the February and March lows at 1.3760.
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