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British Pound Reaches Fibonacci Extension Level – 16500 Next?

British Pound Reaches Fibonacci Extension Level – 16500 Next?

2011-07-26 15:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Reaches Fibonacci Extension Level – 16500 Next?

Prepared by Jamie Saettele, CMT

The GBPUSD reaches its 16400 objective and more specifically the 100% extension of the rally from 15778, at 16418. With the decline from 16745 in 3 waves, there is potential for an extended advance from the current level that ends above 16745. Bullish structure is strong as long as price is above 16260.

Trend Strength (M,W,D) – 0, 0, 1

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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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