To receive David’s analysis directly via email, please SIGN UP HERETalking Points The GBP/USD has erased some of its recent gains following a fading o
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Talking Points
The GBP/USD has erased some of its recent gains following a fading of upside momentum and a test of 1.6820. We have not seen the emergence of a specific bearish reversal candlestick pattern on the daily which obfuscates a bearish bias for the pair. Further price action is needed to help confirm whether a more meaningful change in the trend is afoot.
Resistance-turned-support at 1.6660 is helping to hold prices up at this stage. A move below support would likely see buyers emerge at the psychologically significant 1.6600 level.
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Daily Chart – Created Using FXCM Marketscope 2.0
— Written by David de Ferranti, Market Analyst, FXCM
Contact and follow David on Twitter: @Davidde
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