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GBP/USD: Daily Bearish Engulfing Candle

Published 28/11/2014, 08:22
GBP/USD
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GBPUSD Daily close yesterday eroded all of that bullish momentum that saw Price break above a two resistance level high point. We need to see Price yesterday find support and to kick onwards. Price yesterday pulled all the way back and in doing so closed bearish engulfing. That bearish sentiment played out over night as we see Price trading lower than the two day support level which is our weekly fib level at 1.57213.

The overall sentiment for GBPUSD has been negative so it’s important to look for momentum in the direction of the long term trend. If yesterdays close is definitely indicating a move back in the direction of the long term trend Price will have to see a close lower today. The potential 1st target would be the November support low around 1.55918.


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