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FOREX Analysis: GBP/USD Just Pips above 6 Month Long Trendline

FOREX Analysis: GBP/USD Just Pips above 6 Month Long Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_Just_Pips_above_6_Month_Long_Trendline__body_gbpusd.png, FOREX Analysis: GBP/USD Just Pips above 6 Month Long Trendline

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Like the EURUSD, the GBPUSD drop has 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.

FOREX Trading Strategy: The rally from Friday’s low is in 3 waves and may be complete. As such, risk on any longs (for those playing a larger correction) should be kept to Friday’s low as a drop below would shift focus to 15822.

LEVELS: 16009 16056 16082 16128 16173 16225

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

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