British Pound Reverses at Former Head and Shoulders Neckline
Prepared by Jamie Saettele, CMT
The GBPUSD has traded higher to test the underside of its recent head and shoulders neckline. Additional resistance comes in at the recent pivot high of 16260. Using the traditional head and shoulders measuring technique yields an objective near 15250 (distance between head and neckline subtracted from point of neckline break), which is near the late 2010 low of 15350. Short term support comes in at 16050 and 15990.
Trend Strength (M,W,D) – 0, 0, 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 email@example.com.