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British Pound at Lowest Since July 2010

British Pound at Lowest Since July 2010

2011-10-06 15:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound at Lowest Since July 2010

Prepared by Jamie Saettele, CMT

Zoom out and view the last few years’ of price and it becomes apparent that the recent low is strong support. The area just above 15300 was a double bottom in late 2010 and congestion in early 2010 (today’s low is 15270). What’s more, RSI is at its most oversold reading since early 2010 (circled). A multi-month rally ensued before the GBPUSD fell to new lows. I can envision something similar here. Breakout traders should use today’s high as a pivot. That is, as long as price is below 15500, there is potential for an extension lower towards a Fibonacci objective at 15050. I am more of the mind that a low will form as quite often happens following a ‘news’ announcement (announcement of BoE expanding asset purchase plan).

Trend Strength (M,W,D) – (1), (1), (1)

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