4 jun

GBPUSD Outlook
The Greenback also recovered slightly against Sterling yesterday. On Fibonacci retracement study from bigger point of view of daily chart below (of 1.3886 – 1.6660) we can see that this downside momentum is actually a normal correction movement and should not be a surprise. The bias is bearish in nearest term but remains bullish in medium term. I think it’s better to stay away from the market and wait for further development. Immediate support is seen at 1.6240 and 1.6110 area. CCI just cross the 100 line down on daily chart suggesting a potential downside pressure