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British Pound Support at 16200

British Pound Support at 16200

2011-03-23 14:42:00
Jsaettele,
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Support at 16200

Prepared by Jamie Saettele

The rally above 16342 negates any short term bearish considerations and shifts focus to the 2010 high at 16457. There is also a measured objective at 16621 (61.8% extension of the 14230-16299 rally). Continued strength opens up the possibility of a large flat that exceeds 17042 but COT positioning has me looking for a top before then and therefore favoring a triangle from the 2009 low.

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