British Pound Short Term Channel is Resistance Near 16100
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. In the event of a flat, price would drop under the July low of 15778 before finding a low.” Near term strength is probably just part of a small 4th wave correction as the deeply oversold 300 minute RSI suggests that the recent low completed a 3rd wave. As such, look higher near term but into a top. Resistance is 16060-16130. I like shorting in that zone for a test of 15778.
Come See Me In Las Vegas!
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.