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British Pound at 61.8% Retracement

British Pound at 61.8% Retracement

2011-05-30 15:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound at 61.8% Retracement

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).” Fibonacci resistance has been reached but the rally does not appear complete. Resistance extends to 16600.

Support/Resistance Index (M,W,D) – (1), 3, 4

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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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