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British Pound Reverses Following Test of Prior Week’s High

British Pound Reverses Following Test of Prior Week’s High

2011-02-16 15:52:00
Jsaettele,
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Reverses Following Test of Prior Week’s High

Prepared by Jamie Saettele

I wrote yesterday that “despite the bounce, additional GBPUSD weakness is expected towards the former 4th wave extreme at 15750 (50 day average is also at 15770). Watch for resistance from the 61.8% retracement of the decline from 16278, which is reinforced by the underside of a former support line and former pivot highs.” After touching last week’s high (16184) the GBPUSD has collapsed and a near term objective is the 100% extension of the 16278-15962 decline, at 15870. A drop below the corrective channel would suggest a deeper drop towards the mentioned 15750.

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