GBPUSD Snaps Back into Middle of Range

Daily Bars

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