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British Pound Searching for a Low

British Pound Searching for a Low

2011-05-19 14:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Searching for a Low

Prepared by Jamie Saettele, CMT

The GBPUSD is searching for a low. One may be in place as price has tested channel support but additional weakness would target 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. 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), 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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