Wednesday’s reversal of initial downside was extended yesterday but this
demand stalled ahead of last week's highs. The subsequent setback
corrected half of early gains for GBPUSD and this change in investor
sentiment has continued in Asia, with positive momentum showing signs of
reversal too. In view of this our call is Cautiously Bearish while
below 1.5787. The immediate objective is 1.5711 with a move beneath that
point targeting yesterday's 1.5697 low or even towards this week's
bottom at 1.5632.
The risk to this call is that selling pressure stalls although a fresh outright Buy signal would only be generated by a move through 1.5787, the overnight high. Prices and sentiment should then improve to 1.5811 then last week's 1.5854 top.
The risk to this call is that selling pressure stalls although a fresh outright Buy signal would only be generated by a move through 1.5787, the overnight high. Prices and sentiment should then improve to 1.5811 then last week's 1.5854 top.
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