FOREX Analysis: GBP/USD Reverses Sharply after Posting 16 Month Highs

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eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Reverses Sharply after Posting 16 Month Highs

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD ripped through 16300 before reversing and closing near the lows of the day. 16300 has been huge in recent years. The level defines highs in November 2010, May 2012, and September 2012. Still, it’s tough to buy the idea this level is going to hold for the 3rd time in less than a year. Price is at the top of the estimated support zone. The bottom of the zone is 16205. The next clear resistance level is trendline resistance near 16450.

FOREX Trading Strategy:

LEVELS: 16097 16156 16200 16260 16311 16353

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