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