GBPUSD: Slightly bearish short term - 2ndSkies

By FXstreet.com | July 20, 2014 AAA

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes that a downward channel still dominates price action in GBP/USD, with prospects int he short term still slightly bearish.



Key Quotes



"For most of July, the cable has been in a corrective price action phase, mostly holding inside a structured channel that we've been talking about in the prior member commentaries."



"The pair is attempting to find a base between 1.7050, and may need to go all the way to 1.6960/75 before finding bulls to support the price action."



"For now, the medium term outlook is still bullish while above 1.6950. Short term the channel dominates so look to play the channel until it creates a more forceful directional move."



"Note how the last sell-off / 4hr bar was large and closed on the lows, yet immediately reversed, showing some bulls are interested in buying on dips."



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center