British Pound Tests Pivot Low at 15665
60 Minute Bars
Prepared by Jamie Saettele, CMT
The GBPUSD rally stalled shy of the Fibonacci confluence in the mid 15900s (50% retracement and 100% extension of rally from the low). I wrote yesterday that “the level could still be reached but respect the potential for bearish action from here with the EURUSD appearing to complete 5 waves up from its low.” The GBPUSD has slipped and is testing the 10/13 low at 15665. Additional weakness over the next week+ would test 15540/60. Resistance is 15700/30.
Trend Strength (M,W,D) – (1), 0, 1
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