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Forex Technical Analysis: GBPUSD Poised for at least 15900 Test

Forex Technical Analysis: GBPUSD Poised for at least 15900 Test

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, Forex Technical Analysis: GBPUSD Poised for at least 15900 Test

Chart Prepared by Jamie Saettele, CMT

Forex Observations: The GBPUSD has broken to its lowest level since 9/6, tested the 8/23 high (circled) and is nearing channel support. Levels below the channel include the 100% extension at 15845, the September low at 15825, former pivots around 15750 (circled) and a Fibonacci confluence at 15643.

Forex Trading Strategy Implications: Market risk is lower against Monday’s high.

LEVELS: 15825 15845 15897 15965 16023 16052

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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