The Forex Pattern, Price & Time Report – GBP USD Mid-Session

The GBP USD hourly chart is in a downtrend, however this market is rapidly approaching a support cluster which could stop the break and trigger a short-covering rally.

The GBP USD Hourly Trend is down.  The last Main Trend Top is 1.6432.

This pair is trading inside of the major range of 1.5801 to 1.6621.  This square sents up a retracement zone at 1.6211 to 1.6114.

There is an additional 50% price level at 1.6232, an old bottom at 1.6239 and an old top at 1.6242.  This set-up creates a support cluster between 1.6232 to 1.6242.

Watch this area for support or the start of an intra-day short-covering 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