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British Pound Support at 16300

British Pound Support at 16300

2011-05-31 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Support at 16300

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.” Cable has soared over the last week to the tune of 500 pips. The rally is sharp and impulsive in manner but could compose wave c of a flat (not shown). Near term, look lower into 16300.

Support/Resistance Index (M,W,D) – 0, 2, 3

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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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