British Pound Fails at February High
Prepared by Jamie Saettele
After testing its February high (16278) the GBPUSD has retreated to test its 20 day average. Resistance extends as high as 16457 (former pivot high) and strength to there could complete wave C of a triangle from the 2009 low. Near term however, I am expecting a drop below 15962 in order to complete a corrective decline (since the rally from the December low is in 5 waves and the decline into the low is in 3 waves). The 50 day average is potential support near 15840. A more bearish interpretation would treat the 5 wave rally as a truncation that completes wave C of the triangle. This is certainly possible given the recent COT readings.
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