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FOREX Analysis: GBP/USD Trendline Comes in Near 15700

FOREX Analysis: GBP/USD Trendline Comes in Near 15700

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Trendline Comes in Near 15700

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “The width of the GBPUSD range can be used to pinpoint an objective. The width of the range is 91 pips, which would yield a downside objective of 15710 (15801-(15892-15801) if price breaks lower while remaining below 15892.” Price never exceeded 15892 so the 15710 objective is in focus. This level is also defined by the nearly 4 year trendline.

FOREX Trading Strategy: Risk on shorts should be moved down to 15855. Near term resistance is 15810.

LEVELS: 15635 15700 15755 15810 15851 15891

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