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GBPUSD Snaps Back into Middle of Range

GBPUSD Snaps Back into Middle of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Snaps Back into Middle of Range

Prepared by Jamie Saettele, CMT

15900 remains a level of interest but maybe not for another few weeks or more. To review, “15900 is the 100% extension of the rally from 15267 and 61.8% retracement of the decline from 16300.” The 3 wave decline from 15777 suggests that a triangle or flat is unfolding from that level before 15777 is put to the test. The market should tip its hand later this week.

LEVELS: 15390 15430 15480 15564 15610 15680

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