GBP/USD 1.6250-1.6350 is a Possible Congestion Area
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“GBPUSD has dropped under the May low, reached the 200 day average, and is working on its 6th consecutive weekly decline for the first time since June 2010. It’s been well-documented that extremely high volume tends to occur near or at a market turn but extremely high volume has also ‘kicked-off’ a number of moves, including 8/7/2013.” The near term line in the sand can be moved down to 1.6646 (bearish below). A cluster of former pivots in the 1.6250-1.6330 range may be the next stopping point.
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