The (GBPUSD) bounced roughly 100 pips higher yesterday, breaking descending wedge resistance (on the daily chart).  The bigger picture is of the GBPUSD making early efforts at halting its downtrend (on the weekly chart), where another green weekly candle next week would reinforce the early stage Double Bottom effort. The April low so far has been slightly below the March low, near the psychologically key 1.30 whole figure level.  Watch for volatility to rise following today’s 830am EST US Retail Sales.  With US-based traders largely taking Good Friday off for holiday, any escalation or ceasefire in the Ukraine-Russia conflict before the weekend could result in exaggerated moves.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallyling, or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GBPAUD, WHEAT

GBPUSD Weekly/Daily/4hr

Join the world's largest asset manager and 2 of the world's 5 largest (and 5 of the 10 largest) hedge funds by AUM as daily readers of Tradable Patterns' technical analysis. As seen on Bloomberg, Refinitiv, Factset and Interactive Brokers, readers include global top 10 investment banks. If you represent an institutional investor or potential distribution partner, write to info@tradablepatterns.com to request Bloomberg, Refinitiv and Factset readership reports. Also seen on FT (Financial Times), Interactive Brokers, ICE, Amazon, Zerohedge, CNA, Liquid (Quoine), Tradable Patterns publishes 4 newsletters: Today's Top 3 Trades, Equities & ETFs, Coffee Daily and Crypto Weekly Outlook.

Today's Top 3 Trades, Equities & ETFs, Coffee Daily, Crypto Weekly Outlook and all other Tradable Patterns content do not constitute an advisory and do not make recommendations, but can supplement your own analysis. Please do your own due diligence ahead of any trades.

(FXB)