GBP/USD Resistance is Estimated at 1.6385 and 1.6460
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 GBPUSD is in free fall and the next levels that could stem the decline are the 50% retracement of the advance from the 2013 low at 1.6001 and the November 2013 low at 1.5850.
-Resistance is estimated at 1.6385 (2 equal legs from the low) and 1.6460 (former low).
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