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GBPUSD Fails after Challenging Weekly High

GBPUSD Fails after Challenging Weekly High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Fails after Challenging Weekly High

Prepared by Jamie Saettele, CMT

The GBPUSD failed after coming within 1 pip of its June high (from the 7th). A look at intraday pattern reveals an impulsive decline from 15601 and 3 wave advance from 15403 (albeit a nearly 100% retracement). A final visit to 15400 is suggested before the next bull leg towards 15730. Remember, 15600 is also reinforced by the 20 day average.

LEVELS: 15400 15450 15500 15600 15650 15730

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

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