Chart Prepared by Jamie Saettele, CMT
FOREX Observations: “The GBPUSD traded significantly higher but faces resistance from a short term trendline (weak), 61.8% retracement and 10/17 high at 16157/77 (significant) and possibly 16227. The 16150 area is especially well defended from the 9/28 close (9/28 was a JS Thrust day). Keep in mind that the GBPUSD has traded between mostly 16300 and 15300 for the past 2+ years. In other words, trading from a bullish bias assumes greater risk. The current level is viewed as high risk.”
FOREX Trading Strategy Implications: Allowing for a bounce from the short term Fibonacci level at 16000, market risk remains lower. Resistance is 16080. The multiple invalidation levels in the table indicate levels at multiple degrees of trend.
LEVELS: 15912 15951 16000 16080 16100 16177