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British Pound 16300 at Risk

British Pound 16300 at Risk

2011-02-21 15:53:00
Jsaettele,
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Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound 16300 at Risk

Prepared by Jamie Saettele

The GBPUSD opened at its low and closed near its high last week. Resistance is at 16457. Keep the long term pattern in mind, which I believe is a triangle from the January 2009 low. The pattern should result in weakness towards 14780 (wave D) in the months ahead. The lower triangle line intersects with 14780 in April.

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