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GBPUSD Holds Trendline Support

GBPUSD Holds Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Holds Trendline Support

Prepared by Jamie Saettele, CMT

Reward/risk remains favorable for bears against the April high (16062) despite the test and hold of trendline support (off of January and March lows) and 60 day average. Look lower towards the 100% extension at 15727. The implications regarding the channel are the same for the GBPUSD as for the EURUSD (a break under would be a ‘tell’ that a 3rd wave is underway).

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

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

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