British Pound Closing in on Trendline Support
Prepared by Jamie Saettele, CMT
The GBPUSD is closing in 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. Expect support at this level sometime this week.
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 firstname.lastname@example.org.
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