GBP-USD did a fake by first registering a fresh 10-month low at 1.60508before ramming up prices to 1.62292overnight. The result is a double reversal bar in the D1 chart. As noted, Tuesday ended as a long-legged shadow doji. This is now followed by a bullish engulfing bar 24 hours later(refer to D1 chart). This development suggests the odds of a more robust correction is now technically possible although from now till the Scottish referendum vote on September 18, a massive recovery GBP-USD is not very likely. Last night’s high briefly penetrated the area where the week’s opening gap was created. That area was marked by last Friday’s low (at 1.62792) and Monday’s opening at 1.61839. On Tuesday, BoE governor Carney has said in no certain terms that he is prepared to raise interest rates sometimes in 2015.That being the case,buying on the next climb-down in prices presents a buying opportunity - if it happens.Should price action falls back into the area between the 61.8% and 78.6%
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GBP-USD Medium to Short Term Outlook
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11-Sep 2014 Thursday
5:48 PM (3517 days ago)
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