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GBPUSD Former Channel Support Serving as Resistance

GBPUSD Former Channel Support Serving as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Former Channel Support Serving as Resistance

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

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

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