Forex Marketz Daily Forex News – Fully Markets Update
S&P500 (2,007.71)
The market is not testing the technical level at 2,006.50/2,006.75 where it has been bouncing off of for the last several days.
A break below 1,985.90 tests 1,985.45. If we close below the latter level, the doors open for a test of 1,963.50 then 1,960. A move above 2,006.50 can target 2,030.50 then 2,033.45.
GBP/USD (1.61352)
The Sterling is in trouble. It is sinking fast and we see no bullish reversal, or lack of signs, to indicate its downward spiral will slow. There is a small sign of an inverted hammer forming. The only way for this to take hold is if the market closes with an uptick and move higher. The big picture, with huge selling pressure of the last few days, a sustainable recovery and move higher is difficult to say the least.
Looking at the below, 4 hour chart, sellers are losing some momentum. There is a Harami pattern which means seller hesitation. There was lack of follow through, and the appearance of a shooting star. This confirmed our earlier forecast from this morning.
