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GBPUSD Trendline and Former Low Intersect Thursday

GBPUSD Trendline and Former Low Intersect Thursday

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Trendline and Former Low Intersect Thursday

Prepared by Jamie Saettele, CMT

“Even those trading from the long side in GBPUSD probably haven’t done that well as each high has seen a sharp pullback. In any case, an important high may be in place at 16062. The divergence is of the reliable type (reliable in that RSI is closer to 60 than 70), short term trendline support has been broken, and the fact that yesterday was the first day of the month increases confidence in a ‘reversal bias’ (see EURUSD).” Expect resistance at 15915/50. The trendline that extends off of the January and March lows intersects with the 3/22 low tomorrow at 15770 and is support.

Bottom Line (next 5 days) – lower

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