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FOREX Analysis: GBP/USD Responds at 61.8 Retracement

FOREX Analysis: GBP/USD Responds at 61.8 Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_Responds_at_61.8_Retracement__body_gbpusd.png, FOREX Analysis: GBP/USD Responds at 61.8 Retracement

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD reached and responded to the 61.8% retracement of the decline from 16309 at 16123 on Tuesday. The evidence isn’t strong enough to act on especially when one considers Thursday’s event risk. Channel resistance intersects with the 10/17 and 11/1 highs on Wednesday and the 100% extension of the 15826-16056 rally (from 15961) is at 16185.

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 16130 16174 16227

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