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British Pound Trades Sideways Following Plunge

British Pound Trades Sideways Following Plunge

2011-03-29 15:14:00
Jsaettele,
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Trades Sideways Following Plunge

Prepared by Jamie Saettele

The sharp decline from 16400 is probably the beginning of larger wave D of the triangle that began at the 2009 low. A corrective advance is expected this week (and perhaps underway as the GBPUSD has stabilized) and initial resistance is 16090-16113 (former congestion low and 38.2% retracement). Notice how the Fibonacci levels (38.2%, 50%, and 61.8%) line up with chart resistance – thus reinforcing interest in respective areas.

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