GBP USD Headed to 1.6198

Look for pressure on GBP USD this morning. Not only does this currencyhave to deal with the possibility of another expansion of the Bank ofEngland’s buyback program, but now aversion to risky assets is puttingadditional pressure on it.

Daily Analysis

GBP USD

Look for pressure on GBP USD this morning. Not only does this currency have to deal with the possibility of another expansion of the Bank of England’s buyback program, but now aversion to risky assets is putting additional pressure on it.

The GBP USD has been holding steady this morning but the bias still seems to be to the downside. The main range is 1.5706 to 1.6691. This creates a downside target of 1.6198 to 1.6082. Any rally is likely to be thwarted by downtrending resistance at 1.6451.

Daily Chart

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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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