GBPUSD 16216 is a Level to Watch
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.” The GBPUSD closed the day near the high of the day but fell just short of the mentioned 16216/28. Still, there is little reason to fight strength yet. 16216/28 is potentially high risk for bulls and support is expected at 16150/70. Weakness below 16100 would signal structural weakness.
LEVELS: 16100 16150 16170 16216/28 16309 16401