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British Pound Testing Potentially Strong Resistance 03-08

British Pound Testing Potentially Strong Resistance 03-08

2010-03-08 16:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT308gbpusd

The GBPUSD has met resistance from former support / the 38.2% of the decline from 15825, at 15181. Channel resistance reinforces resistance at the current level. 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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