eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Failure to Hold Here Would Signal Failed Breakout

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-GBPUSD has traded lower following the large outside day reversal on 1/24. While a larger top may be in place, the response at former resistance from 1.6259 gives scope for a move back into the range, which could contribute to formation of a larger top.

-The 1/24 close is now resistance at 1.6477.

LEVELS: 1.6132 1.6216 1.6275 | 1.6366 1.6444 1.6495

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