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GBPUSD Tags February Low

By , Sr. Technical Strategist
12 March 2012 20:40 GMT

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Tags February Low

Prepared by Jamie Saettele, CMT

The GBPUSD has extended losses but resistance remains 15700 and 15750. Risk on shorts can be moved down to last Thursday’s high of 15833. Focus is on the 100% extension of the 15991-15696 decline at 15537 and 1/10 high at 15500. A break of the downward sloping channel (tested as support on Monday) would indicate that the decline from 15991 is probably impulsive and headed towards the January low.

Bottom Line (next 5 days) – down

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12 March 2012 20:40 GMT