Who Wants to Print the High Tick in the GBP USD?

British Pound traders did not have much to go on today.  Trading wasthin and volume extremely light.  Traders have either taken an earlyholiday or are waiting for the U.S. Unemployment report on July 2nd.

British Pound traders did not have much to go on today.  Trading was thin and volume extremely light.  Traders have either taken an early holiday or are waiting for the U.S. Unemployment report on July 2nd.

With July 3rd a U.S. holiday, my feeling is that trading conditions will worsen as the week moves on.  It’s hard to believe that traders will take the early part of the week off and expect to pick it up on Non-Farm Payroll Day with a market holiday one day later.

Two main tops at 1.6621 to 1.6663 are holding the market back at this time.  These two tops were made earlier in the month.  Traders seem reluctant to buy strength as a major Fibonacci retracement price at 1.6944 can repel any attempt to breakout.

The last key swing is 1.5801 to 1.6621.  This range has formed a retracement zone at 1.6211 to 1.611.  This area is providing the support at this time.

If this pair is topping then this area will have to fail first in order to force the weaker longs out of the market.

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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