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British Pound Bounces off of Channel Line – Low Possibly in Place

British Pound Bounces off of Channel Line – Low Possibly in Place

2011-09-15 15:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Bounces off of Channel Line – Low Possibly in Place

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.” Cable has dropped below 15778 and found support at channel support. Additional weakness would target the 100% extension level at 15648. The rally to this point is corrective so respect the potential for a test of this level.

Trend Strength (M,W,D) – 0, (1), (2)

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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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