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FOREX Technical Analysis: British Pound Rallies into Resistance

FOREX Technical Analysis: British Pound Rallies into Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Technical Analysis: British Pound Rallies into Resistance

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The GBPUSD traded significantly higher but faces resistance from a short term trendline (weak), 61.8% retracement and 10/17 high at 16157/77 (significant) and possibly 16227. The 16150 area is especially well defended from the 9/28 close (9/28 was a JS Thrust day). Keep in mind that the GBPUSD has traded between mostly 16300 and 15300 for the past 2+ years. In other words, trading from a bullish bias assumes greater risk. The current level is viewed as high risk.

FOREX Trading Strategy Implications: Market risk is lower but one can’t rule out price exceeding 16177. I am short now with plans to short more if intraday setups present themselves. The multiple invalidation levels in the table indicate levels at multiple degrees of trend.

LEVELS: 15951 16009 16067 16157 16177 16227

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