Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.6051)
The Sterling is trying to recover some lost ground. We are noting, on the below daily MT 4 chart, a piecing line formation. However, the move lacks strength and the new push higher could still falter. We are facing stiff resistance at 1.6060 then higher up at a key technical level at 1.61. At any of these levels, the sellers could come back into the picture. This will focus the GBP/USD back on the support at 1.5960. A daily close below that challenges 1.5955/50.
Looking at our 4 hour chart below, we note some buyer hesitation with Dojis, but it’s the newly formed Harami at near 1.6050 that lends support to the view the sellers are about to reenter the game. Looks like the bears are still in control.
