I want to highlight the GBPUSD the morning. Short term pattern suggests that a break from range conditions may be around the corner
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My bias for the AUDUSD and NZDUSD is now short. Look lower towards 10435 and 8070 as long as Tuesday’s highs remain intact. Look for the EURUSD to leak below 12300. 12250/90 is support. For now, I want to highlight the GBPUSD. Short term pattern suggests that a break from range conditions may be around the corner.
15800 and 15900 remain levels of interest but I want bring attention to another possibility, especially in light of the USDOLLAR at support and EURUSD at resistance. That is, wave 2 may be complete with a possible truncation. The implications would be for a sharp decline with price remaining below 15683. Very short term (next 1-2 days), a corrective advance from 15490 may be nearing completion. 15690-15730 is resistance. Trading below 15570 would suggest that a top is already in place.
GBPUSD – Daily Bars
Prepared by Jamie Saettele, CMT
GBPUSD – 60 Minute Bars
Prepared by Jamie Saettele, CMT
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This article (British Pound Near Term Pattern Suggests Breakout around the Corner) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.