24 Jun 2014
GBP/USD: Deeper pullback before uptrend resumes - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, expects a deeper pullback in GBP/USD towards 1.67-1.68 before the uptrend resumes.
Key Quotes
"I'm expecting a deeper pullback, likely towards the 1.6700-6800 area before the market pushes higher for another leg up. This was based on the weekly chart, which showed a tendency for the price action to break a level, then pullback into the prior range before pushing higher."
"Today the market has rejected the yearly highs again around 1.7050, and thus far, the daily candle is shaping up form an inverted pin bar, which is an attempt to rally, but a failure after finding sellers intra-day. If the pair closes below the big figure at 1.7000, then minimally we should get a pullback towards 1.6912 and likely more towards the base around 1.6830."
If it gets to the lower level, start looking for price action clues to get long
Key Quotes
"I'm expecting a deeper pullback, likely towards the 1.6700-6800 area before the market pushes higher for another leg up. This was based on the weekly chart, which showed a tendency for the price action to break a level, then pullback into the prior range before pushing higher."
"Today the market has rejected the yearly highs again around 1.7050, and thus far, the daily candle is shaping up form an inverted pin bar, which is an attempt to rally, but a failure after finding sellers intra-day. If the pair closes below the big figure at 1.7000, then minimally we should get a pullback towards 1.6912 and likely more towards the base around 1.6830."
If it gets to the lower level, start looking for price action clues to get long