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British Pound / US Dollar 03-05

British Pound / US Dollar 03-05

2010-03-05 15:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 gbp0305

The GBPUSD continues to crawl higher and the next level of resistance is former support at 15151 and the 38.2% of the decline from 15825, at 15181.  Channel resistance meets the 38.2% on Monday during the European open.  I am looking for a turn lower in a 5th wave.  Price should not come close to 15533.
 
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.
 
 

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