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British Pound Supports Next Week at 15430/75

British Pound Supports Next Week at 15430/75

2011-09-30 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Supports Next Week at 15430/75

Prepared by Jamie Saettele, CMT

Cable exceeded 15700 but has reversed and focus shifts slightly lower towards 15475/90, the 61.8% retracement of the rally from 15327 and former pivot. Failure to extend lower and exceeding 15715 would shift focus to 15910, which is where the rally from 15326 would consist of 2 equal legs (from 15530).

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 and follow hom on Twitter @JamieSaettele.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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