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British Pound Resistance Extends to 16240

British Pound Resistance Extends to 16240

2011-03-17 13:04:00
Jsaettele,
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Resistance Extends to 16240

Prepared by Jamie Saettele

One can count the decline from 16343 as a 5 wave affair and a pop above 16200 could complete an a-b-c correction from the recent low. Resistance extends to 16242. Price continues to respect its 50 day average but I 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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