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GBPUSD Rally Stalls at 61.8 Retracement

GBPUSD Rally Stalls at 61.8 Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Rally Stalls at 61.8 Retracement

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 rally reversed at the 61.8% retracement of the decline from the top. There is also the presence of the 9/28 close (JS Thrust) at 16150 that serves as resistance. The early October high presents an objective level to turn bearish against for at least a pullback if not something bigger.

LEVELS: 16004 16053 16101 16178 16227 16309

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