GBP USD in Position to Post Closing Price Reversal Bottom

GBP USD investors have shrugged off this morning’s bearish inflation report and have put the British Pound in a position to post a daily closing price reversal bottom.

GBP USD investors have shrugged off this morning’s bearish inflation report and have put the British Pound in a position to post a daily closing price reversal bottom.

A close over 1.5797 will help form the bottom, but a confirming rally will be needed tomorrow.  The chart pattern suggests that if this pattern does take place, this currency pair is headed to 1.5913 to 1.5962.

The developing strength in the British Pound is also a result of oversold conditions and a possible sign that traders may begin to buy back the Pound while selling off higher yielding currencies.

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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