Daily Bars
Prepared by Jamie Saettele
The GBPUSD's sharp reversal has resulted in a drop below Elliott
channel support (intraday). Additional support is at the 50%
retracement at 15731. A drop below 15665 is needed in order to
strongly suggest that a secondary top is in place at 16059. The look
of the head and shoulders top does remain in place and the rally from
the May low is in 3 waves, which is bearish.
DailyFX provides forex news on the economic reports and political
events that influence the currency market.
Learn currency trading with a free practice account and charts from
FXCM.
Source: Dailyfx.com
READ MORE - British Pound Slips Below Elliott Channel Support
Prepared by Jamie Saettele
The GBPUSD's sharp reversal has resulted in a drop below Elliott
channel support (intraday). Additional support is at the 50%
retracement at 15731. A drop below 15665 is needed in order to
strongly suggest that a secondary top is in place at 16059. The look
of the head and shoulders top does remain in place and the rally from
the May low is in 3 waves, which is bearish.
DailyFX provides forex news on the economic reports and political
events that influence the currency market.
Learn currency trading with a free practice account and charts from
FXCM.
Source: Dailyfx.com
