British Pound Tests Underside of Former Trendline
Prepared by Jamie Saettele, CMT
The GBPUSD rally from the 2010 low is also in 3 waves and may be complete. The rally from the December low is a bit more than 61.8% of the rally from the May low (61.8% is 16620 – high is at 16745). Near term, a move above 16509 may complete an expanded flat (as a 2nd wave) from the 5/24 low.
Trend Strength (M,W,D) – 1, 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 firstname.lastname@example.org.
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