The GBPUSD drop below 16066 opens up the door for a test of 15900 (38.2% retracement of rally from 15233 is at 15897, 8/23 high is at 15912), which would be expected to generate a market response. The 100% extension of the decline from the top comes in at 15970 and warrants consideration as a potential pivot as well. From a trading standpoint, today’s clean break offers a chance to be bearish on strength against 16217. 16070-16100 is resistance.
We would like to look out for opportunities to go short at 1.6070 with target at 1.5900 and stop loss at 1.5220
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| GPBUSD Daily Chart |
We would like to look out for opportunities to go short at 1.6070 with target at 1.5900 and stop loss at 1.5220
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