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FOREX Analysis: GBP/USD Estimated Support is 16066/82

FOREX Analysis: GBP/USD Estimated Support is 16066/82

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Estimated Support is 16066/82

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Like the EURUSD, the GBPUSD drop also failed to reach trendline support. The weekly JS Spike on GBPUSD and impulsive decline from last week’s high also makes me temper EURUSD bullish expectations. Expect near term support from 16066/82. I wouldn’t think about selling strength until above 16200 (61.8% and former support).

FOREX Trading Strategy: Longs are warranted on weakness below 16082 towards 16200.

LEVELS: 16009 16056 16082 16151 16195 16252

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

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