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British Pound Bearish on a Bounce

British Pound Bearish on a Bounce

2011-05-25 15:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_2_body_gbpusd.png, British Pound Bearish on a Bounce

Prepared by Jamie Saettele, CMT

The GBPUSD has bounced from the support line that extends off of the May 2010 and December 2010 lows. It is possible that the rally to 16746 completed a 3 wave rally from the May 2010 low and that weakness from there is wave 1 of the next bear wave. I like shorting a rally into 16400/80 (50%-61.8% retracement) in early June (look for a high in early June).

Support/Resistance Index (M,W,D) – (3), (2), (1)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to jsaettele@dailyfx.com.

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