DAILY FORECAST FOR GBPUSD

Bias: Slightly mixed – waiting for breaks but the underlying move remains bearish

While yesterday’s high was higher than I thought it would be it doesn’t alter the bearish view. However, we should be aware of the risk that we could see a small sideways consolidation. If we see the first move today as higher to 1.6467 I feel this would provide a good selling area for losses but within a range and probably limited to around 1.6237-51. If we don’t see the rally to 1.6467 first and instead see loss of 1.6341 there is more chance we’ll see losses extend through 1.6320 and down to the 1.6237-51 area. Take care there as it could cause a correction. Next support is at 1.6208 followed by 1.6114-40 and 1.6075-94.

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day’s set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

I shall be presenting a seminar in Hong Kong on Saturday 27th June at the Excelsior Hotel in Causeway Bay. Please see http://www.earlthorn.com/ for details.

Kind regards

Ian

The Brief Daily Forecaster.pdf