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British Pound Bounces Between 20 and 50 day Averages

British Pound Bounces Between 20 and 50 day Averages

2011-05-10 15:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Bounces Between 20 and 50 day Averages

Prepared by Jamie Saettele, CMT

The GBPUSD stages an impressive comeback yesterday, bouncing from the 50 day average and climbing back to 16400. Still, I am looking lower towards support from the line that extends off of the December and March lows at 16210 (increases about 10 pips per day (4/18 low is at 16165). I am not convinced that the recent top is ‘the top’ as per the lack of divergence with momentum at the high so weakness into 16165-16200 may provide a buying opportunity.

Support/Resistance Index (M,W,D) – 0, (1), (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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