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GBPUSD Drops Below Prior Week Low Exposes 16070

GBPUSD Drops Below Prior Week Low Exposes 16070

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Drops Below Prior Week Low Exposes 16070

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.” The 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.” The GBPUSD is in the exact same level as the EURUSD. Respect potential for weakness from here into stronger support at 16070 before a more pronounced bullish response.

LEVELS: 16034 16070 16130 16200 16267 16300

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