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British Pound 15900 and 15690 are Levels of Interest

British Pound 15900 and 15690 are Levels of Interest

2011-10-17 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound 15900 and 15690 are Levels of Interest

Prepared by Jamie Saettele, CMT

The GBPUSD rally has stalled shy of the Fibonacci confluence in the mid 15900s (50% retracement and 100% extension of rally from the low). The level could still be reached but respect the potential for bearish action from here with the EURUSD appearing to complete 5 waves up from its low.

Trend Strength (M,W,D) – (1), 0, 1

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