GBPUSD Near Term Focus is on Trendline and 16181
Prepared by Jamie Saettele, CMT
“As focused on last week, the GBPUSD 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.” The GBPUSD is constructive against 16020 (Monday low) but the ‘easy’ part of the advance is complete as resistance looms just above current levels. 16140/50 is the short term trendline and 9/28 close (JS Thrust day) and the 61.8% retracement of the decline from the top is at 16181.
LEVELS: 16004 16043 16068 16142 16181 16227