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FOREX Analysis: GBP/USD Stabilizes Following Test of 6 Month Trendline

FOREX Analysis: GBP/USD Stabilizes Following Test of 6 Month Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Stabilizes Following Test of 6 Month Trendline

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD reached the trendline and 12/7 low today. What happens at this level is of increased importance when one considers last week’s sharp reversal. Viewed in that light and the distribution of yearly and monthly highs/lows, it’s completely possible that a significant top is in place.

FOREX Trading Strategy: The GBPUSD is declining from long term resistance while at the same time breaking short term supports. Resistance is 16080. The most bearish short term wave count is valid below 16127.

LEVELS: 15915 15960 15990 16080 16127 16200

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

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