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GBPUSD Breaks Short Term Resistance Line

GBPUSD Breaks Short Term Resistance Line

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Breaks Short Term Resistance Line

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” The GBPUSD never traded lower than 16137, holding the 100% extension of the decline from 16309 nearly to the pip. The high Thursday was also the 61.8% of the move from the low. The market may respond to this level (at least consolidate) before bullish resumption. Measured objectives come in at 16375 and 16415.

LEVELS: 16137 16173 16217 16243 16300 16375

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