GBP USD Weekly Chart Indicates Break to 1.5530

The GBP USD should post a weekly reversal down barring any surprises during the last two hours of trading.

Analysis

The combination of a break below a major 50% price at 1.6085 and last week’s close at 1.6188 has put downside pressure on the GBP USD.

Barring any surprise during the final hours of trading, look for the British Pound to post a weekly closing price reversal down.

The minimum downside target of this developing break is 1.5530.

Daily Chart

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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

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