British Pound 16100-16200 Should Prove Formidable in Coming Days
Prepared by Jamie Saettele, CMT
Much like the EURUSD, the GBPUSD has dropped below Monday’s low of 15900 but beware of false starts on the downside. Strength in the coming days would encounter strong resistance from the August low, 61.8% retracement of the decline from 16616, and 200 day average at 16100/30. There is also channel resistance and a 100% extension near 16200.
Trend Strength (M,W,D) – (1), 0, 1
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