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FOREX Technical Analysis: GBPUSD Unchanged Before Bank of England

By , Sr. Technical Strategist
08 November 2012 00:57 GMT

Daily Bars

FOREX_Technical_Analysis_GBPUSD_Unchanged_Before_Bank_of_England_body_gbpusd.png, FOREX Technical Analysis: GBPUSD Unchanged Before Bank of England

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: “The clearest pattern in recent history is the 3 wave advance from 15913 to 16174 (first day of the month high). 3 wave moves indicate countertrend moves and in this case suggest that the trend is down. Still holding 15951, additional resistance comes in at 16040.” 16091 is resistance to consider as well.

FOREX Trading Strategy Implications: “I remain bearish. Risk is moved down to 16174 and a level of interest on the downside is the well-defined 15770 (former resistance, 50% retracement and 100% extension of decline from the top).”

LEVELS: 15825 15912 15951 16040 16091 16120

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08 November 2012 00:57 GMT