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New York Session Watch - GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
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GBP/USD slid lower after the breakdown of the inside bar candlestick pattern that we covered in today's London Session Watch and it has hit our first target. This multiple-bar inside bar candlestick pattern that formed at the 200 period golden moving average and upper band of the Bollinger Band could still lead the price lower in today's New York session. On the flip side, the stochastic indicator and Commodity Channel Index ( CCI ) are showing the price is currently in oversold territory which might cause the price to rise before proceeding with the downside movement. The CPI report from US could also move the market, thus we will watch this event for further clues. With all that being said, we could still have some nice selling opportunities coming in in today New York session but have to be aware of the CPI report from US.
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