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Chart of the Week June 28th
After breaking through the 4 week support at .8424, the pair busted through lower with quite a move down to 8250. After this, the pair bounced in a 2week corrective fashion only to have a strong sell off last week closing just off the lows at .8212.
Since then, the pair has opened up this week selling off the entire time suggesting the continuation is underway. The next level of support does not come in till .8075. However, we feel the pair is likely headed for further losses with a divergent outlook on the GBP vs the USD and the EURO vs the USD. Thus, we anticipate continued selling and a daily close below .8000 suggests .7800 comes into play.
Rallies back to .8212 should be used as selling opportunities for a move lower.
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