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GBPUSD Enters Mid March Consolidation Zone

GBPUSD Enters Mid March Consolidation Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Enters Mid March Consolidation Zone

Prepared by Jamie Saettele, CMT

The GBPUSD has entered a zone that was congestion in March (15601-15746). A zone that was previously congestion will likely provoke reactions again. In other words, this is a good place for the GBPUSD to find a near term low. The idea fits with short term structure as well. A drop to a new low (below 15732) would probably complete 5 waves down from 16300 and give way to a multi week corrective advance. 15694 is of interest as is 15601.

LEVELS: 15988 15889 15848 15730 15694 15601

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