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British Pound Short Term Head and Shoulders Possibly Developing

British Pound Short Term Head and Shoulders Possibly Developing

2011-03-16 14:32:00
Jsaettele,
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Short Term Head and Shoulders Possibly Developing

Prepared by Jamie Saettele

Near term, Cable may be carving out a head and shoulders pattern. Resistance extends to 16200/50. Price is respecting its 50 day average but I do expect a breakdown as the larger pattern is a triangle from the 2008 low. Weakness from the March high is viewed as wave D and should eventually drop below 15000. Interest rate differential and a proprietary indicator that compares interest rate differential trend and price trend favor the downside as does COT positioning. A break of the 50 day average would shift focus to the support line that extends off of the May and December lows, which intersects 15750 (pivot low) on Friday.

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