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FOREX Analysis: GBP/USD Blows Through 16065 with 61.8 Level in Focus

FOREX Analysis: GBP/USD Blows Through 16065 with 61.8 Level in Focus

2012-12-03 00:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Analysis_GBPUSD_Blows_Through_16065_with_61.8_Level_in_Focus_body_gbpusd.png, FOREX Analysis: GBP/USD Blows Through 16065 with 61.8 Level in Focus

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD made easy work of 16065 and is nearing the 61.8% retracement of the decline from 16309 at 16123. Channel resistance comes in slightly higher on Tuesday, at about 16153, which is just below the November 1 high at 16174.

FOREX Trading Strategy: “Like the EURUSD, I’d like to be short but higher levels may be registered before the turn lower.” I’m on the lookout for a top and reversal.

LEVELS: 15989 16037 16065 16123 16174 16227

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