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British Pound Longer Term Bullish – Support Begins Below 16300

British Pound Longer Term Bullish – Support Begins Below 16300

2011-08-18 16:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Longer Term Bullish – Support Begins Below 16300

Prepared by Jamie Saettele, CMT

“The GBPUSD has held its low above 16100 and there is potential for a strong breakout in the coming days and weeks above 16745. Ultimate objectives are channel resistance and several Fibonacci extensions at 17183 and 17409.” This longer term bias remains valid but near term weakness is expected into the support line that extends off of the July and August lows. The line is reinforced by the 61.8% retracement of the rally from 16110 at 16293.

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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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