GBP USD is vulnerable
9/14/2016 8:37:59 AM
GBP/USD is side lined, but more and more under pressure in its range. We view the September high at 1.3445 as a temporary high. Only if it and the late June high at 1.3535 were to be prevail, would have to counteract our medium term negative viewpoint.
The market near term has sold off to the 55 day ma at 1.3156 and this is now exposed, our goal stays the 1.2795 July low and the long term Fibonacci support. Intraday rallies are showed to lay off about 1.3250.
While 1.3445 caps, the medium term emphasis will stay on the 1.2795 July low and the long term Fibonacci support. A close below here will be considered as very negative and target 1.2060.