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.