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British Pound Spikes and Reverses

British Pound Spikes and Reverses

2011-03-07 15:30:00
Jsaettele,
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Spikes and Reverses

Prepared by Jamie Saettele

Divergence with highs over the past month warns of a GBPUSD top. Resistance extends as high as 16457 (2010 high) but a top may be in place just shy of 16350. Do not dismiss the recent COT readings , which indicate extreme bullishness among the specs. The above chart depicts interest rate differential along a proprietary indicator that compares interest rate differential trend and price trend.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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