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GBPUSD Marks Time Ahead of Trendline

GBPUSD Marks Time Ahead of Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Marks Time Ahead of Trendline

Prepared by Jamie Saettele, CMT

“The GBPUSD decline from 16062 is in 5 waves, which itself is valuable information for 2 reasons. First, a 5 wave move denotes the direction of the larger trend. In this case, the 5 wave decline from a peak suggests that the larger trend has turned down (rally from January low is complete). Second, a 5 wave move suggests that the next immediate move is a 3 wave move in the opposite direction. Therefore, a corrective rally back to 15907 is favored before the larger decline resumes. This is a level that one would expect support anyway (3/23-3/26 lows).” The correction has unfolded and may be complete. A break of trendline support and 15769 shifts focus to 15600.

Bottom Line (next 5 days) – lower

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.