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British Pound / US Dollar

British Pound / US Dollar

2010-07-29 15:16:00
Tim Shea,
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120 Minute Bars

eliottWaves_gbp-usd_body_100730_081634_CQG_IC_Screen.png, British Pound / US Dollar

Prepared by Jamie Saettele

The GBPUSD rally has exceeded the former 4th wave extreme of 15530 and is approaching the October 2009 low of 15705. The pair continues to press against an upward sloping resistance line and short term momentum (see RSI) is divergent. The GBPUSD looks vulnerable but it is difficult to short without a point of reference to place a stop. It is best to wait for a top to form and then short a bounce.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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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