GBP/USD Daily Forecast: September 14, 2009
September 13, 2009 - 7:47 pm by FX Instructor · Leave a Comment
GBPUSD Forecast:
The GBPUSD attempted to push higher on Friday, topped at 1.6740 but whipsawed to the downside and closed lower at 1.6655, which is also the open price of the day, formed a Doji on daily chart. Like I already showed you on Saturday, the hanging man candlestick formation could lead us to some downside correction testing 1.6593 and 1.6500 ( 23.6% and 38.2% Fibo retracement of 1.6113 – 1.6740) support areas. Only a violation to the bullish channel could be seen as bullish failure. Immediate resistance at 1.6740 (Friday’s high). CCI just cross the 100 line down on h4 chart suggesting potential downside rebound.
