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GBPUSD Consolidates ahead of Lows

GBPUSD Consolidates ahead of Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Consolidates ahead of Lows

Prepared by Jamie Saettele, CMT

“The rally from the 6/1 low unfolded in 3 waves and channeled in typical corrective fashion.” Near term focus is lower towards the 100% extension of 15777-15484 / 15721 at 15429. The objective is in line with the 6/1 high at 15438. A drop below the corrective channel (the EURUSD broke below last week) would shift focus to the June 1 low at 15267. 15570-15620 is resistance.

LEVELS: 15270 15400 15440 15575 15620 15640

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

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