Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “The width of the GBPUSD range can be used to pinpoint an objective. The width of the range is 91 pips, which would yield a downside objective of 15710 (15801-(15892-15801) if price breaks lower while remaining below 15892.” Price never exceeded 15892 so the 15710 objective is in focus. This level is also defined by the nearly 4 year trendline.
FOREX Trading Strategy: Risk on shorts should be moved down to 15855. Near term resistance is 15810.
LEVELS: 15635 15700 15755 15810 15851 15891