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GBPUSD Primed for Reversal Below 1.6200, Confirmation Important

GBPUSD Primed for Reversal Below 1.6200, Confirmation Important

John Kicklighter, Chief Strategist

The haze of volatility that followed the QE3-amplified risk appetite run last week continues to dissipate. Joining the AUDUSD in its correction from 1.0600 this week, EURUSD's advance is starting to bend under its own weight as well. The closely watch 1.3000 figure is once again in sight. However, for both of these pairs, the conviction necessary to make this correction a reversal still falls to a collapse in risk appetite trends. That said, the S&P 500 is still holding its elevation and volume / volatility figures have yet to threaten a turn. In the meantime, my requirements for a GBPUSD are not as hefty as its more risk-sensitive counterparts. A reversal on this overextended pair could find greater follow through a natural correction.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.