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?
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