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GBPUSD Remains Bullish Towards Low 16300s

GBPUSD Remains Bullish Towards Low 16300s

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Remains Bullish Towards Low 16300s

Prepared by Jamie Saettele, CMT

The GBP remains strong across the board. Price resumed higher today after dipping below the 20 day average for the first time since 4/18 yesterday. The larger trend remains up but the inability to find a low early in the month decreases confidence in bullish continuation as per my trading rules (learn about them next week). Additional support comes in from the trendline that extends off of the January, March, and 4/16 lows. The line is at 16000 Friday.

LEVELS: 16320 16300 16060 16000 15930 15818

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