GBPUSD Retraces March Decline
Prepared by Jamie Saettele, CMT
The GBPUSD has returned to the March 1st level (high at 15975). The 2/29 high is within striking distance and exceeding that level would shift focus to the 10/31/11 high at 16166 and the 100% extension of the 15233-15928 rally at 16298. Strategically, today’s low serves as the pivot at 15800. 15900/20 is support.
Bottom Line (next 5 days) – sideways/higher?
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