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British Inside Day Setup

British Inside Day Setup

2011-05-17 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Inside Day Setup

Prepared by Jamie Saettele, CMT

Cable has tested the 4/18 low at 16165 although focus remains on 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 16079 today and increases about 7 pips per day. I wrote yesterday that “continued strength into resistance (16270-16370) would present a short opportunity against 16520.” After testing 16300 overnight, the GBPUSD is probing the lows.

Support/Resistance Index (M,W,D) – (3), (1), 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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