28 May 2012 17: 48 GMT Daily Bars
The GBPUSD has entered a zone that was congestion in March (15601-15746). Area that was previously congestion will likely Patty again reactions. In other words, this is a good place for the GBPUSD to find a near term low. I wrote last update that "the idea fits with short term structure as well." "A drop to a new low (below 15732) would probably complete 5 waves down from 16300 and give way to a multi week corrective advance." Cable spiked into 15638 last week and has rebounded. 15780 is interim resistance purpose 15850 is ultimately viewed as the stronger level.
LEVELS: 15500 15600 15740 15780 15850
The GBPUSD has entered a zone that was congestion in March (15601-15746). Area that was previously congestion will likely Patty again reactions. In other words, this is a good place for the GBPUSD to find a near term low. I wrote last update that "the idea fits with short term structure as well." "A drop to a new low (below 15732) would probably complete 5 waves down from 16300 and give way to a multi week corrective advance." Cable spiked into 15638 last week and has rebounded. 15780 is interim resistance purpose 15850 is ultimately viewed as the stronger level.
LEVELS: 15500 15600 15740 15780 15850
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