Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: Like the EURUSD, the GBPUSD drop also failed to reach trendline support. The weekly JS Spike on GBPUSD and impulsive decline from last week’s high also makes me temper EURUSD bullish expectations. Expect near term support from 16066/82. I wouldn’t think about selling strength until above 16200 (61.8% and former support).
FOREX Trading Strategy: Longs are warranted on weakness below 16082 towards 16200.
LEVELS: 16009 16056 16082 16151 16195 16252