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British Pound Near Term Pattern Suggests Breakout around the Corner

British Pound Near Term Pattern Suggests Breakout around the Corner

2012-08-08 12:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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My bias for the AUDUSD and NZDUSD is now short. Look lower towards 10435 and 8070 as long as Tuesday’s highs remain intact. Look for the EURUSD to leak below 12300. 12250/90 is support. For now, I want to highlight the GBPUSD. Short term pattern suggests that a break from range conditions may be around the corner.

15800 and 15900 remain levels of interest but I want bring attention to another possibility, especially in light of the USDOLLAR at support and EURUSD at resistance. That is, wave 2 may be complete with a possible truncation. The implications would be for a sharp decline with price remaining below 15683. Very short term (next 1-2 days), a corrective advance from 15490 may be nearing completion. 15690-15730 is resistance. Trading below 15570 would suggest that a top is already in place.

GBPUSD – Daily Bars

British_Pound_Near_Term_Pattern_Suggests_Breakout_around_the_Corner_body_gbpusd.png, British Pound Near Term Pattern Suggests Breakout around the Corner

Prepared by Jamie Saettele, CMT

GBPUSD – 60 Minute Bars

British_Pound_Near_Term_Pattern_Suggests_Breakout_around_the_Corner_body_gbpusd_1.png, British Pound Near Term Pattern Suggests Breakout around the Corner

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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