FOREX Technical Analysis: GBP/USD Focus Remains on 15780
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: “The clearest pattern in recent history is the 3 wave advance from 15913 to 16174 (first day of the month high). 3 wave moves indicate countertrend moves and in this case suggest that the trend is down.” Now that 15913 has been broken (origin of the 3 wave advance), focus shifts to where the GBP/USD may find the next support. 15777 is a popular candidate. This level is former resistance, 50% retracement and 100% extension of decline from the top. 15915 and 15957 are resistance.
FOREX Trading Strategy: I remain bearish. Risk is moved down to 16042. The objective is 15780. 15950 is resistance on a bounce.
LEVELS: 15754 15780 15825 15915 15957 16019
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.