British Pound Consolidates as Monday High Holds
Prepared by Jamie Saettele, CMT
The GBPUSD rally failed prior to the Monday high (a break would quickly see resistance from the 50% retracement of the decline from 16616 at 15944…reinforced by former support at 15913), which keeps the weekly trend pointed lower towards the 15631 low. This level is also reinforced by the 20 day average at 15617.
Trend Strength (M,W,D) – (1), 0, 1
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