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British Pound Rally Completes Correction

British Pound Rally Completes Correction

2011-05-11 16:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Rally Completes Correction

Prepared by Jamie Saettele, CMT

5 waves down from 16746 and 3 waves up from 16270 give scope to a sharp decline in the GBPUSD in what will probably prove to be a C wave. Focus is on the trendline that extends off of the May 2010 and December 2010 lows, which is at 16010 today and increases about 7 pips per day. The 100% extension of the decline from 16476 is at 16041 and intersects with the trendline on May 17th. Look lower towards there.

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

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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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