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British Pound Bounces at 50 day Average

British Pound Bounces at 50 day Average

2011-03-14 14:35:00
Jsaettele,
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Bounces at 50 day Average

Prepared by Jamie Saettele

The GBPUSD has found support just below its 50 day average. I maintain that the larger pattern is a triangle and that rallies should be sold. Resistance extends to 16125, which is former support. Interest rate differential and a proprietary indicator that compares interest rate differential trend and price trend favor the downside. Downside supports in the days and weeks ahead are 15910, 15750 and 15665.

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