British Pound To Test Channel Support Next Week

Commentary: There is not change to the GBPUSD outlook. We wrote yesterday that “a small period of consolidaton is in order before we get a test of the mentioned channel support (probably next week) closer to 2.0100. A measured objective is at 2.0024 (100% extension of 2.1160-2.0353/2.0831).”

That consolidation is unfolding now. We expect a test of the mentioned channel support early next week.

Strategy: Flat