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British Pound Short Term Bearish Below 16184

British Pound Short Term Bearish Below 16184

2011-02-08 15:37:00
Jsaettele,
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Short Term Bearish Below 16184

Prepared by Jamie Saettele

The GBPUSD has broken below short term channels so additional weakness is expected towards the former 4th wave extreme at 15750 (50 day average is also at 15730). The 20 day average at 15975 could provide support in the interim. I favor the downside as long as price is below Monday’s high (16184).

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