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GBPUSD Slices Through Trendline Support

GBPUSD Slices Through Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Slices Through Trendline Support

Prepared by Jamie Saettele, CMT

“The GBPUSD carved out a key reversal (the first bearish one since 2/8/12) which is enough for me to look lower from the current level towards 15600. Channel support comes in at 15560 (in line with the 20 day average).” Like the EURUSD, the 3 wave structure of the advance does suggest that a top is in place and the only question at the current juncture is whether or not the decline continues from below or above Friday’s high at 15634. 15635/85 is resistance and 15440/70 is support for this week.

LEVELS: 15435 15475 15515 15595 15635 15685

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