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GBPUSD Surges into March Low at 15600

By , Sr. Technical Strategist
07 June 2012 23:45 GMT

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Surges into March Low at 15600

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. The GBPUSD has rallied into resistance from the March low at 15600 and the rally from Monday’s low is in 5 waves. As such 15430 is now probable support on any pullback. A run at today’s high would face resistance from the 20 day average at 15650 (also the area of late May congestion).

LEVELS: 15470 15430 15515 15600 15650 15725

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07 June 2012 23:45 GMT