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British Pound Upside Favored Towards Mid 15900s

British Pound Upside Favored Towards Mid 15900s

2011-10-13 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Upside Favored Towards Mid 15900s

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the next leg appears to be underway in the GBPUSD towards 15912 and 15958 (100% extension). 15690 is support.” The GBPUSD dipped this morning to 15665 before rebounding. Other pairs seems to suggest a bit more USD strength before the larger decline resumes. As such, respect potential for a dip to 15620 before the next bull leg into the mid 15900s. 15542 is the pivot.

Trend Strength (M,W,D) – (1), (1), 0

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