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FOREX Technical Analysis: British Pound Resistance at 16075

FOREX Technical Analysis: British Pound Resistance at 16075

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Technical Analysis: British Pound Resistance at 16075

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The GBPUSD retraced Tuesday’s decline and is on the verge of taking out Monday’s high. The 2 bar pattern that ended Wednesday is similar to 9/26-9/27 and 10/3-10/4. In both cases, the GBPUSD reversed the next day’s gains (near the 61.8% retracement in fact).

FOREX Trading Strategy Implications: Market risk is lower against 16177. Resistance is 16075-16116.

LEVELS: 15913 15951 16000 16075 16116 16177

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