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FOREX Analysis: GBP/USD Longs Rejected Shy of 16174

FOREX Analysis: GBP/USD Longs Rejected Shy of 16174

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Longs Rejected Shy of 16174

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “Corrective weakness may have ended Friday. Expect support from 16035 to 16063 before a run on 16227.” 16227 wasn’t reached but the market did visit a level that produced the 10/174 and 11/7 tops. Resistance from the near term upward sloping channel intersects 16227 Friday/Monday. It’s worth noting that the GBPUSD traded to a new December high this month yet the EURUSD did not (divergence typical at turns).

FOREX Trading Strategy: I don’t like trading at this level. If I’m going to be long USD against a European currency, then it’s against the euro anyway. A dip probably encounters support at 16100.

LEVELS: 16063 16095 16122 16174 16227 16272

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

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