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GBPUSD 16216 is a Level to Watch

GBPUSD 16216 is a Level to Watch

2012-10-04 22:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, 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

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