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GBPUSD is Bullish on Dips

GBPUSD is Bullish on Dips

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD is Bullish on Dips

Prepared by Jamie Saettele, CMT

Structurally, the GBPUSD decline from the 2/8 high may be a completed flat. If that interpretation of wave structure is correct, then a rally towards 16300 is in its early stages. 16298 is where the rally from the January low would consist of 2 equal legs and intersects channel resistance in early April. Near term weakness would present an opportunity to get long. Support for Tuesday is 15860 and15820.

Bottom Line (next 5 days) – sideways / higher?

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