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GBPUSD Monthly Drop Largest Since 2008

By , Sr. Technical Strategist
31 May 2012 23:01 GMT

Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Monthly Drop Largest Since 2008

Prepared by Jamie Saettele, CMT

Cable has absolutely tanked this week and actually registered its largest monthly decline since October 2008 at 5.11%. I’ve gotten recent action completely wrong as I was expecting a bounce from BEFORE 15600 to get short closer to 15850. There was no bounce of course (the GBPUSD didn’t even reach its 10 day average) and the GBPUSD took out nearly all of 2012’s gains in May and has reached the trendline that extends off of the 2009 and 2010 lows so we could get a bounce from these levels. If so, then resistance is 15530. A bounce into there would be a candidate to short against 15720.

LEVELS: 15000 15233 15360 15460 15530 15600

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31 May 2012 23:01 GMT