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British Pound Rally May be a Trap

British Pound Rally May be a Trap

2011-08-03 14:11:00
Jamie Saettele, CMT, Sr. Technical Strategist

300 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Rally May be a Trap

Prepared by Jamie Saettele, CMT

“The GBPUSD short term pattern is especially clear. The rally from 15779 is an impulse (5 waves) and a sharp correction should be underway now. There is potential for a bounce in a small b wave to or above 16330 but weakness is favored on balance over the next several days towards the 61.8% retracement at 16044.” The rally over the last day is larger than expected but potential remains for a c wave decline into the mentioned levels. Exceeding 16474 may require adoption of a more immediately bullish outlook.

Trend Strength (M,W,D) – 0, 1, 0

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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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