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British Pound Focus on 15950

British Pound Focus on 15950

2011-03-08 15:37:00
Jsaettele,
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Focus on 15950

Prepared by Jamie Saettele

Divergence with highs over the past month warns of a GBPUSD top. That top may very well be in place as the GBPUSD has declined over 200 pips from its recent high. Near term support comes in at 16050 and 15950 (both Fibonacci extensions and former supports). Interest rate differential and a proprietary indicator that compares interest rate differential trend and price trend favor the downside as well.

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