GBPUSD Inside Day Forms at 100% Extension
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 15974 and warrants consideration as a potential pivot as well.” The low so far is right at the 100% extension. I don’t see anything to do here. I’ll be looking for signs of intraday topping above 16046 or signs of exhaustion on the downside near 15900.
LEVELS: 15825 15912 15974 16046 16100 16142
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.