GBPUSD still very bearish in outlook

FX:GBPUSD   British Pound / U.S. Dollar
32 0 2


With UK economy showing all the signs of deflationary mechanics with no end in sight, the US economy providing a more stable reference point and Chinese demand confirmed to have slowed down significantly, GBPUSD             still poses a bearish outlook irrespective of what the US FED reserve chooses to do next week. A flat or worse than expected manufacturing data and a bad trade balance reading tomorrow will exacerbate the bearish outlook.


Our position still remains bearish for this pair as long as 1.55620 resistance holds and current price action is seen as a correction following what appeared to be an over extended first leg down. Our expectation is for the 1.53865/1.53997 resistance zone to to hold current retracement. Break or price close of that zone could target 1.55620 after which resumption of the downtrend should start.
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