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British Pound Resistance Zone is 16400-16485

British Pound Resistance Zone is 16400-16485

2011-05-26 14:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Resistance Zone is 16400-16485

Prepared by Jamie Saettele, CMT

“The GBPUSD has bounced from the support line that extends off of the May 2010 and December 2010 lows. 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. I like shorting a rally into 16400/80 (50%-61.8% retracement) in early June (look for a high in early June).” The rally from 16057 is probably wave A of the expected correction. Weakness into 16210/75 would probably complete wave B before a test of 16400/85 completes the advance.

Support/Resistance Index (M,W,D) – (2), 0, 2

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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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