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GBPUSD Tags and Stalls at Channel Resistance

GBPUSD Tags and Stalls at Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Tags and Stalls at Channel Resistance

Prepared by Jamie Saettele, CMT

“The GBPUSD rally above 15700 shifts focus to the Fibonacci confluence at 15900 (61.8% retracement and 100% extension of the 15267-15777 rally) and the channel line closer to 16000 in the coming weeks. The near term trend defining level is the low of the day prior to the most recent inside day. That day is 8/16 and that low is 15635.” The GBPUSD remained above 15635 on its way to the channel line and 16034 on Friday. I prefer turning bearish either on a pop into former pivots (16048 and 16113) or a drop below 15874.

LEVELS: 15920 15959 15990 16051 16081 16114

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

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