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British Pound Reaches Fibonacci Extension at 15648

British Pound Reaches Fibonacci Extension at 15648

2011-09-19 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Reaches Fibonacci Extension at 15648

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 reached the 100% extension level at 15648 but there is of course no indication that a low is in place or forming here. The lower trendline is potential support just below the current level.

Trend Strength (M,W,D) – 0, (1), (1)

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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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