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