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British Pound / US Dollar 07-07

British Pound / US Dollar 07-07

2010-07-07 14:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-07-GBP

The GBPUSD has reached parallel channel resistance in what may be a 4th wave rally. The rally is also in 3 waves with wave C relating to wave A by a Fibonacci 1.618. I am expecting a top and reversal.

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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