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FOREX Analysis: GBP/USD is Bearish Below 16174

FOREX Analysis: GBP/USD is Bearish Below 16174

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_is_Bearish_Below_16174_body_gbpusd.png, FOREX Analysis: GBP/USD is Bearish Below 16174

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Today’s title references the point that I’m unsure whether or not price exceeds 16056 before rolling over or rolls over from the current level. I wrote last week that “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.” Like the EURUSD, yesterday’s reversal brings forth the possibility that 16065 will not be reached. Price is vulnerable.

FOREX Trading Strategy: Nothing. The EURUSD is more bearish. The EURUSD has broken Monday’s low (outside day) and the GBPUSD has not. A bearish JS Spike formed in EURGBP today as well.

LEVELS: 15864 15918 15962 16065 16090 16125

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