British Pound Rallies from Support Line
Prepared by Jamie Saettele, CMT
The GBPUSD has bounced from the support line that extends off of the May 2010 and December 2010 lows. 16270-16300 (former support and resistance as well as 50 day average) is now resistance. It is possible that the rally to 16746 completed a 3 wave rally from the May 2010 low and that weakness from there is wave 1 of the next bear wave.
Support/Resistance Index (M,W,D) – (3), (2), (2)
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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