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FOREX Analysis: GBP/USD First Fibonacci Resistance at 16008

FOREX Analysis: GBP/USD First Fibonacci Resistance at 16008

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_First_Fibonacci_Resistance_at_16008_body_gbpusd.png, FOREX Analysis: GBP/USD First Fibonacci Resistance at 16008

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD is creating overlap with the bear leg from the November high (16174), which tells us that the drop is not extending in impulsive fashion. There are plenty of possibilities from a structural standpoint so focus on near term risk. The rally from the low would consist of 2 equal legs at 15992, which is fairly close to the 38.2% retracement at 16008. I don’t often highlight the 50% retracement but in the case it’s instructive to do so because the 16065 is reinforced by the 161.8% extension of the 15826-15936 rally at 16059 and the 10/3 low at 16066; a holy trinity of resistance if you will. This confluence is just above the obvious 11/7 high (16042). Obvious levels are loaded with stops but also popular exhaustion areas.

FOREX Trading Strategy: The near term is constructive as long as price is above 15882. 15923/35 is estimated support. I anticipate turning bearish again soon (last position was short on 10/17), hopefully above 16040.

LEVELS: 15864 15899 15935 15957 16008 16042

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