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GBPUSD Soars into 61.8% Retracement

GBPUSD Soars into 61.8% Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Soars into 61.8% Retracement

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.” The rally has carried farther than expected (and into the 61.8% retracement) but the advance is still within the confines of a correction. 16062 is the key level.

Bottom Line (next 5 days) – topping/lower?

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