British Pound Tests December 2010 Low – New Low Favored
300 Minute Bars
Prepared by Jamie Saettele, CMT
Before leaving town last week I wrote on Wednesday that “focus is now on the 2011 low under 15400.” The GBPUSD dropped as low as 15328 before finding bids. This rally above 15500 should prove corrective as the recent momentum extremes at the low suggest that 15328 is not an important price low. A drop to a new low could complete 5 down from 15867.
Trend Strength (M,W,D) – 0, (2), (2)
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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