The Forex Pattern, Price & Time Report – GBP USD – Midsession

The GBP USD is trading lower at the mid-session.  The trend remains upon the daily chart with a pair of main tops at 1.6621 and 1.6663offering resistance.  The Main Bottom at 1.5801 is the support andchange in trend level.

The GBP USD is trading lower at the mid-session.  The trend remains up on the daily chart with a pair of main tops at 1.6621 and 1.6663 offering resistance.  The Main Bottom at 1.5801 is the support and change in trend level.

The short-term range of 1.5801 to 1.6621 has created a retracement zone at 1.6211 to 1.6114.  This zone provided support at 1.6187 on June 18th when this pair formed a minor bottom.  

The hourly chart is in a down trend.  1.6513 is the main top. Based on the hourly range of 1.6187 to 1.6561, minor support may develop inside of a retracement zone at 1.6374 to 1.6330.

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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