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FOREX Analysis: GBP/USD Respects Trendline Support

FOREX Analysis: GBP/USD Respects Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_Respects_Trendline_Support_body_gbpusd.png, FOREX Analysis: GBP/USD Respects Trendline Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Yesterday’s commentary was “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.” This remains true of the GBPUSD. The rally from 15992 has retraced roughly 50% of the decline from the 1/2 high. 16230/50 is also estimated resistance. 16090-16120 is estimated near term support.

FOREX Trading Strategy: Flat

LEVELS: 16033 16080 16120 16186 16230 16250

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