Weekly Chart Indicates GBP USD has Room to Break Further

The GBP USD is trading inside of a range on the weekly chart of 1.3501 to 1.7042.  The range forms a retracement zone at 1.5271 to 1.4854. The weekly chart indicates that this is the next likely downside target.

The GBP USD is trading inside of a range on the weekly chart of 1.3501 to 1.7042.  The range forms a retracement zone at 1.5271 to 1.4854. The weekly chart indicates that this is the next likely downside target.

Uptrending Gann angle support is at 1.4941 this week. The market is also walking down a resistance angle at 1.6402. 

Should downside momentum slow, then look for a test of 1.5271 the week-ending November 27th.

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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