GBPUSD Ticks Higher to Separate from Measured Level

Daily Bars

Prepared by Jamie Saettele, CMT

As focused on in recent days, the decline from the top is in 2 equal legs (nearly to the pip). 2 equal legs is typical for a correction as is RSI turning up just above 40 after registering readings above 70 at the price peak. In summary, price relationships (2 equal legs) and the momentum profile paint a constructive picture. Still, there are better opportunities.

LEVELS: 15912 15974 16014 16046 16100 16142