British Pound Fibonacci Confluence Near 15500

240 Minute Bars

Prepared by Jamie Saettele, CMT

The GBPUSD drop below 15705 (2/1 low) shifts focus to the 100% extension of the 15928-15730 decline (where the 2 legs from the top would be equal) at 15628 and 161.8% extension at 15506. The latter level is reinforced by the 61.8% retracement of the rally from the January low and 1/10 high. 15730 and 15790 are resistance.

Bottom Line – flat