GBP/USD Update – 21/09/2017 (12:00pm) – by Arjun Lakhanpal

September 21, 2017 by

GBP/USD Update – 21/09/2017 (12:00pm): GBP/USD has been rejected from critical medium term resistance at 1.3622/70, which represents a double Fibo and the 2014-2017 downtrend. Given the convergence of resistance here we would expect this to continue to hold the initial test and provoke some profit taking. However currently the intraday Elliott wave counts are positive. In order to alleviate immediate upside pressure the market will need to fall sub 1.3267 (August high).