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British Pound Tests Trendline-Break Would Target 16040

British Pound Tests Trendline-Break Would Target 16040

2011-05-13 14:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Tests Trendline-Break Would Target 16040

Prepared by Jamie Saettele, CMT

Cable has dropped to the support line that extends off of the December 2010 and March 2011 lows. Focus is now on the 4/18 low at 16165 and the 100% extension of the decline from 16476 is at 16041. A line that extends off of the May 2010 and December 2010 lows is at 16065 today and increases about 7 pips per day. In summary, the 16040/70 area is support. A bounce would encounter resistance at 16320 and present a short opportunity against 16520.

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

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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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