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FOREX Analysis: GBP/USD Drops into Channel Support

By , Sr. Technical Strategist
24 December 2012 16:29 GMT

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Drops into Channel Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD continues to trade within a well-defined channel. The current level is defended by channel support, former resistance, and the 20 day average. In other words, this would be a good place for a bounce to materialize. Expect strength to prove corrective though as the decline from the top is impulsive.

FOREX Trading Strategy: Looking to sell into 16200.

LEVELS: 15961 16001 16084 16200 16244 16306

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24 December 2012 16:29 GMT