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GBPUSD Near Term Focus is on 15430

GBPUSD Near Term Focus is on 15430

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Near Term Focus is on 15430

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.” On the verge of taking out 15484, focus is on the 100% extension of 15777-15484 / 15721 at 15429. The objective is in line with the 6/1 high at 15438. 15570-15620 is now resistance.

LEVELS: 15270 15430 15484 15570 15620 15655

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