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British Pound Rally Threatens Breakdown Towards 15000

British Pound Rally Threatens Breakdown Towards 15000

2011-10-04 14:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Rally Threatens Breakdown Towards 15000

Prepared by Jamie Saettele, CMT

“The GBPUSD has held up quite well but it is noteworthy that the rally from 15327 failed at the underside of former channel support. The channel is meant to identify the end of a 3 wave correction therefore a break below the channel signals that a correction is NOT underway. The subsequent rally failed at the former channel, which is bearish. Look lower towards the 161.8% extension at 15054.” There is no change other than short term resistance is 15420 – look lower.

Trend Strength (M,W,D) – (1), (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 and follow hom on Twitter @JamieSaettele.

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