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FOREX Analysis: GBP/USD 15960/80 is Resistance for Friday

FOREX Analysis: GBP/USD 15960/80 is Resistance for Friday

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_1596080_is_Resistance_for_Friday_body_gbpusd.png, FOREX Analysis: GBP/USD 15960/80 is Resistance for Friday

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The 61.8% retracement in the GBPUSD held and price has returned to the top of the late November range. Like the EURUSD, the GBPUSD decline from the September high is corrective and the rally from 15822 is an impulse. Look lower over the course of December but with an interruption (B wave). 15940 (61.8%) and 15960 (former 4th wave) are probable supports but probably not until later in the month.

FOREX Trading Strategy: Expect 16060/75 to serve as resistance. The Euro is the mover of EURGBP cross these days…so better opportunities are to be had in the EURUSD.

LEVELS: 15961 15988 16012 16075 16125 16174

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