GBPUSD Technicals for July 13th
The reversal from parallel channel resistance and the 161.8% extension of the 14226-14774 rally suggests to me that a top is in place – and probably as a 4th wave. Longer term expectations then are for the entire rally from 14226 to be retraced.
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 email@example.com.
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