Financial Advisor

GBPUSD - Cautiously Bearish below 1.5787

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.


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