British Pound at Short Term Channel Support
240 Minute Bars
Prepared by Jamie Saettele, CMT
Cable has broken above its short term trendline and focus is on the 16400 area. 16377-16418 is a level to keep an eye on (resistance) as this is the confluence of Fibonacci measurements. The former is the 61.8% retracement of the decline from the April high and the latter is the 100% extension of the rally from 15778.
Trend Strength (M,W,D) – 0, 0, 1
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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