300 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Resistance Expected above 15700

Prepared by Jamie Saettele, CMT

The GBPUSD dropped below the December 2010 low and as low as 15328 before surging over 300 pips. The extent of the advance does warrant bullish consideration but the rally is not yet in 5 waves. In any case, price has reached a level that should provide resistance (former support at 15705). The resistance zone extends to 15867 and the center of the zone is reinforced by a gap left open from earlier this month in the mid 15700s.

Trend Strength (M,W,D) – 0, (2), (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.