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