British Pound Trendline Support at 16200
Prepared by Jamie Saettele, CMT
The GBPUSD continues to slip and is now down a 6th consecutive day. There is trendline support from the line that extends off of the December and March lows at 16200 today (4/18 low is at 16165). I am not convinced that the recent top is ‘the top’ as per the lack of divergence with momentum at the high.
Support/Resistance Index (M,W,D) – 0, (2), (3)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to email@example.com.
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