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Sep 9, 2016 7:28 AM

GBPUSD Turns Lower From Resistance Confluence Short

British Pound/U.S. DollarFXCM

Description

GBPUSD turned lower earlier in the week, after pair found sellers at resistance zone/channel top confluence. Wednesday saw a Dark Cloud Cover reversal candle, with modest follow through on Thursday. Sellers will be looking to take out rising channel support at 1.32 and counting. A daily close above yesterday's high at 1.3376, would shift focus back on to the resistance zone/channel top above 1.34.

Comment

Rising channel support comes in at 1.3213 today.

Comment

Pair remains bearish absent a daily close above Friday's open 1.3290 / breach of Friday's highs

Comment

Pair has found channel support - bearish bias invalidated.
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