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British Pound Bearish Potential Remains

British Pound Bearish Potential Remains

2011-03-21 14:39:00
Jsaettele,
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Bearish Potential Remains

Prepared by Jamie Saettele

One can count the decline from 16343 as a 5 wave affair with the recent surge as wave c of an a-b-c correction. 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. I remain cautiously bearish against 16343.

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