British Pound Trendline Support at 16070-Measured Level at 16040
Prepared by Jamie Saettele, CMT
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 just above there today. A break below the 16040 area would shift focus to the 3/26 low at 15936, which is reinforced by the 200 day average. With the EURUSD appearing to find at least a temporary low, one would expect Cable to do the same. Initial resistance is 16270.
Support/Resistance Index (M,W,D) – (3), (1), 0
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 email@example.com.
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