GBPUSD Weekly Range Currently Smallest Since 2008
Prepared by Jamie Saettele, CMT
The GBPUSD rally from the 3/12 low (15602) has stalled at the 200 day average / 2/8 high. Bulls have failed to penetrate (for more than a few days) the 200 day average 3 times in the last 2 months, which is a warning that the next large move is down. Throw in the 3 wave rally from the January low and a strong bearish case can be made from current levels. Near term focus remains on 15750 as long as price is below 15890.
Bottom Line (next 5 days) – sideways/lower?
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