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GBPUSD 15900 Looks Like a Sticky Level

GBPUSD 15900 Looks Like a Sticky Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD 15900 Looks Like a Sticky Level

Prepared by Jamie Saettele, CMT

Previous comments were that “price is pressing against the channel but has yet to break higher. A more drawn out complex correction into the 100% extension of the 15267-15777 rally at 15900 is would come into focus on a move through 15720.” 15720 has given way thus focus shifts to the well-defined 15900 level. 15900 is the 100% extension of the rally from 15267 and 61.8% retracement of the decline from 16300. The level intersects with channel resistance during the last few days of July. 15675/95 is now support. Price should remain above 15635 on the way to 15900.

LEVELS: 15580 15635 15680 15777 15850 15900

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