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British Pound Bears Crack 15700-15630 and 15580 are Supports

British Pound Bears Crack 15700-15630 and 15580 are Supports

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Bears Crack 15700-15630 and 15580 are Supports

Prepared by Jamie Saettele, CMT

The GBPUSD drop below 15705 (2/1 low) resulted in a test (and dip below) of the 38.2% retracement of the rally from 15232-15928. The 100% extension of the decline from the top (where the 2 legs from the top would be equal) comes in at 15628 but support is holding from a short term channel. 15770 serves as the pivot (above is bullish and below bearish).

Bottom Line – flat

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