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GBPUSD Bounces from Former Resistance

GBPUSD Bounces from Former Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Bounces from Former Resistance

Prepared by Jamie Saettele, CMT

“The larger GBPUSD 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). Additional support comes in from the trendline that extends off of the January, March, and 4/16 lows. The line is at 16018 Friday. 16160-16200 is resistance above 16123.

LEVELS: 16247 16200 16160 16123 16050 16018 15985

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