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British Pound Key Reversal Day

British Pound Key Reversal Day

2011-02-04 15:51:00
Jsaettele,
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Key Reversal Day

Prepared by Jamie Saettele

I wrote yesterday that “it is possible that the last few wiggles compose small waves 4 and 5 (of 5). Given the EURUSD topping implications, I would not take a bullish position here in the expectation of a slight new high.” After yesterday’s key reversal day (which was covered in last night’s video), GBPUSD weakness has resumed as price has reached former resistance at 16059. 15990 is also potential support. Expectations over the next few weeks are for price to reach at least 15750 (former 4th wave). 16120 is potential short term resistance.

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