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

The GBP USD is under pressure at the Mid Session. This is acontinuation of the weakness which began when this market toppedearlier in the week at 1.6743.

Mid Session Analysis

The GBP USD is under pressure at the Mid Session. This is a continuation of the weakness which began when this market topped earlier in the week at 1.6743.

The Main Range is 1.5801 o 1.6743. This range creates a retracement level at 1.6272 to 1.6161. The market is currently finding support slightly above the Fibonacci level at 1.6161.

An up trending Gann Angle from the 1.5801 bottom is providing support at 1.6201. A down trending Gann Angle from the 1.6743 top is at 1.6423.

The Main Trend is up and will turn down if this market breaks the last swing bottom at 1.6187.

Late session traders should be watching 1.6522. This price is last week’s close. Following a new high for the year at 1.6743 earlier in the week, a close below 1.6522 will form a weekly closing price reversal top. This is a potentially bearish formation. The key will be a follow-through break next week to confirm the top at 1.6743.

Mid Session Chart

Click to Enlarge Image

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

Disclainer: