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GBPUSD Support Surrounds 15900

GBPUSD Support Surrounds 15900

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Support Surrounds 15900

Prepared by Jamie Saettele, CMT

The GBPUSD drop below 16066 opens up the door for a test of 15900 (38.2% retracement of rally from 15233 is at 15897, 8/23 high is at 15912), which would be expected to generate a market response. The 100% extension of the decline from the top comes in at 15970 and warrants consideration as a potential pivot as well. From a trading standpoint, today’s clean break offers a chance to be bearish on strength against 16217. 16070-16100 is resistance.

LEVELS: 15832 15900 15970 16070 16100 16142

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