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British Pound Not Backing off of 16300

British Pound Not Backing off of 16300

2011-02-28 15:54:00
Jsaettele,
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Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Not Backing off of 16300

Prepared by Jamie Saettele

Resistance extends as high as 16457 (2010 high) and strength to there could complete wave C of a triangle from the 2009 low. Do not dismiss the recent COT readings, which indicate extreme bullishness among the specs. Like the EURUSD, a pop above 16300 is a short candidate early in March.

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