GBP/USD Former Lows in Play as Reaction Levels at 1.6455 and 1.6534
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 turned up just shy of the 50% retracement (1.6000). Reaction levels (resistance) are former lows at 1.6455 and 1.6534.
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