Sunday, October 18, 2009
GBP/USD Bearish Scenario Next Week?
Strong recovery last week sent the pair as high as 1.6398. The pair broke the neckline again around 1.6200/30 and maintain trading above that level before closing at 1.6353. The pair almost touch the upper channel, where I placed my sell order. I would love to see a divergence scenario similar with the previous high reversal. Nevertheless, we might see consolidation first between 1.6430 and 1.6230. we should watch the neckline area closely for confirmation of bearish continuation.