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British Pound Resistance 16550-16600

British Pound Resistance 16550-16600

2011-05-06 21:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Resistance 16550-16600

Prepared by Jamie Saettele, CMT

Cable has been relatively inactive therefore no change to the outlook is required. In fact, the GBPUSD is in the exact same position now as the EURUSD. That is, price has carved out 5 waves from the top now so strength should be sold. A move upwards of 16600 over the next few days would present a high probability short opportunity against the high.

Support/Resistance Index (M,W,D) – 0, (3), (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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