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GBPUSD Bounces from Former Resistance

By , Sr. Technical Strategist
14 May 2012 22:12 GMT

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Bounces from Former Resistance

Prepared by Jamie Saettele, CMT

“The larger GBPUSD trend remains up but the inability to find a low early in the month decreases confidence in bullish continuation as per my trading rules (learn about them). Additional support comes in from the trendline that extends off of the January, March, and 4/16 lows. The line is at 16018 Friday. 16160-16200 is resistance above 16123.

LEVELS: 16247 16200 16160 16123 16050 16018 15985

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14 May 2012 22:12 GMT