British Pound Measured Support at 16040
300 Minute Bars
Prepared by Jamie Saettele, CMT
The decline from the April high and subsequent advance are both 3 wave affairs. This suggests that either a flat or triangle is underway. Both point lower over the next few weeks towards 16000. In the event of a flat, price would drop under the July low of 15778 before finding a low. Shorter term support comes in at 16040. 16250 is short term resistance.
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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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