British Pound / US Dollar 03-17
The GBPUSD is approaching resistance from the 38.2% retracement of the decline from 16464; at 15425. This level is reinforced by parallel channel resistance tomorrow. Additional resistance would be at 15530 (former support). Look for a top in the 15425-15530 zone in order to position for a drop below 14780 in a 5th wave.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to firstname.lastname@example.org.
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