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GBPUSD Fails Test of High

GBPUSD Fails Test of High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Fails Test of High

Prepared by Jamie Saettele, CMT

“In recent webinars, I’ve highlighted the importance of 16300. The level, April’s high and the 2010 high, proved its validity again last week. Friday’s rejection should at least make one aware of a deeper setback or reversal. A drop below last week’s 16162 low would put 16130 and 16070 in play. The latter level is viewed as strong support. A drop to mentioned levels would still fit within the confines of a correction.”

LEVELS: 16130 16150 16181 16210 16250 16300

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