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FOREX Analysis: GBP/USD 16065 in Focus as Resistance

FOREX Analysis: GBP/USD 16065 in Focus as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_16065_in_Focus_as_Resistance_body_gbpusd.png, FOREX Analysis: GBP/USD 16065 in Focus as Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “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: Like the EURUSD, I’d like to be short but higher levels may be registered before the turn lower. Watch the mentioned 16065 like a hawk, which is now also reinforced by trendline resistance. I remain of the mind that the EURUSD is a better short than the GBPUSD however.

LEVELS: 15918 15961 16002 16065 16090 16125

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