British Pound Tests Support Below 16000
60 Minute Bars
Prepared by Jamie Saettele
The GBPUSD has broken below short term channels so additional weakness is expected towards the former 4th wave extreme at 15750 (50 day average is also at 15730). The 20 day average has provided support but I am bearish as long as price is below 16137. The next potential support area is 15811 (50% retracement-I’m ignoring the 38.2% retracement because it doesn’t line up with any former pivots).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.