GBP/USD Finishes Break; Sellers Waiting at 1.5665 to 1.5700

GBP/USD has completed the first leg down on the hourly chart. If sellers emerge at 1.56648 to 1.57003 then look for this market to rollover ot the downside.

The hourly chart is indicating the GBP/USD has completed the first leg down from the top at 1.58154.

Based on the developing formation, look for a retracement to 1.56648 to 1.57003.  If this market is going to turn down, sellers will emerge in this zone to stop the rally.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More