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GBPUSD at Support Before Bank of England

GBPUSD at Support Before Bank of England

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD at Support Before Bank of England

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

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