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New York Session Watch GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
GBP/USD finally broke out of the long period of consolidation which could lead price lower in today’s New York session. The Pound consolidated after it’s rise to 1.6275 resistance level which we have discussed last Thursday in the London Session Watch. The long term trend is still down as the short term moving averages (10 and 20 period) continue to stay below the long term moving averages (50,100 and 200 period). The parabolic SAR indicator and MACD are starting to point to the downside too which adds odds for short sellers. On the flip side, the oscillators are showing the price is currently oversold which could potentially cause it to take a breather before continuing its downside movement. The overall market condition is in favor of the downside, we could potentially have trading opportunities in toda’sy New York session.
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