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FOREX Analysis: GBP/USD Trendline Near 1.60 on Friday

FOREX Analysis: GBP/USD Trendline Near 1.60 on Friday

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Trendline Near 1.60 on Friday

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Like the EURUSD, the GBPUSD has declined sharply to begin 2013. Many were caught trying to play a breakout here to be sure. Strength may materialize from slightly lower levels. Former pivots are at 15960 and 16000 and trendline support crosses between these levels tomorrow.

FOREX Trading Strategy: Expect a bounce to begin from below 16000. The rally may prove corrective but even a partial retracement of the latest drop would be material.

LEVELS: 15960 16000 16066 16138 16175 16220

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