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British Pound Focus is on 15750

British Pound Focus is on 15750

2011-02-14 15:50:00
Jsaettele,
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Focus is on 15750

Prepared by Jamie Saettele

Additional GBPUSD weakness is expected towards the former 4th wave extreme at 15750 (50 day average is also at 15770). The 20 day average has provided support but I am bearish as long as price is below 16137. The next potential support area is 15811 (50% retracement-I’m ignoring the 38.2% retracement because it doesn’t line up with any former pivots).

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