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FOREX Technical Analysis: British Pound 16000 a Short Term Fibonacci Level

FOREX Technical Analysis: British Pound 16000 a Short Term Fibonacci Level

2012-10-29 20:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Technical Analysis: British Pound 16000 a Short Term Fibonacci Level

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: Allowing for a bounce from the short term Fibonacci level at 16000, market risk remains lower. Resistance is 16080. The multiple invalidation levels in the table indicate levels at multiple degrees of trend.

LEVELS: 15912 15951 16000 16080 16100 16177

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

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