GBPUSD Former Channel Support Serving as Resistance
240 Minute Bars
Prepared by Jamie Saettele, CMT
The rally from the 6/1 low unfolded in 3 waves and channeled in typical corrective fashion. The underside of the channel is now acting as resistance. Like the EURUSD, Friday’s advance failed to exceed the June high and may complete a flat correction from the 6/25 low. The implications are for weakness below 15484 as long as price is below 15777.
LEVELS: 15484 15570 15625 15721 15777 15848
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