British Pound Former Support and Channel Serving as Resistance
Prepared by Jamie Saettele, CMT
“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.” The GBPUSD reversed at 16151 on Friday but maintains a bullish near term bias with price is above the support line that extends off of the October lows. Focus remains on the channel and 16200.
Trend Strength (M,W,D) – (1), 0, 1
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