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British Pound Focus Now on 16457 (2010 High)

British Pound Focus Now on 16457 (2010 High)

2011-03-22 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_1_body_gbpusd.png, British Pound Focus Now on 16457 (2010 High)

Prepared by Jamie Saettele

The rally above 16342 negates any short term bearish considerations and shifts focus to the 2010 high at 16457. There is also a measured objective at 16621 (61.8% extension of the 14230-16299 rally). Continued strength opens up the possibility of a large flat that exceeds 17042 but COT positioning has me looking for a top before then and therefore favoring a triangle from the 2009 low. 16290 and 16250 are short term supports.

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