GBPUSD Short Term Bullish Triangle a Possibility
Prepared by Jamie Saettele, CMT
The GBPUSD is pressing against its 20 day average and 15600 level (March low). The sideways trade since the 6/7 high is a B wave. We were previously looking for a setback and test of 15400 (still possible as long as price is below 15600) before another leg higher but the market has held up well and one must consider a triangle. A break higher in wave C would shift focus to 15730 (5/18 low and 100% extension of rally from the low). Like the EURUSD, additional range trading between here and 15400 remains a possibility.
LEVELS: 15400 15470 15520 15600 15650 15730
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