GBPUSD at Support Before Bank of England
60 Minute Bars
Prepared by Jamie Saettele, CMT
The GBPUSD reaction so far at 16070 (support) is favorable. As long as the level holds, expect a more pronounced bounce towards 16216/28 (61.8% retracement and close of the high day). Like the EURUSD, I’ll be looking for signs of failure near the top of the range if reached, especially if on a reaction post BoE or Fed. Levels of interest below 16070 are defined by boundaries of former congestion from 15958 to 16033. A Fibonacci extension rests in the center of this zone near 16000.
LEVELS: 15880 15959 16070 16142 16186 16228