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British Pound Testing Weekly High

British Pound Testing Weekly High

2011-02-17 16:00:00
Jsaettele,
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Testing Weekly High

Prepared by Jamie Saettele

The GBPUSD is back near its weekly high after plunging nearly 200 pips yesterday. The dominant pattern remains the 5 wave rally from 15344. The decline from 16278 is not impulsive but neither is the rally from 15962. As such, probabilities favor at least one more leg down (below 15962). A poke above 16278 cannot be ruled out as per a flat correction.

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