British Pound Bears Crack 15700-15630 and 15580 are Supports

240 Minute Bars

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