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British Pound Tests Pivot Low at 15665

British Pound Tests Pivot Low at 15665

2011-10-18 15:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Tests Pivot Low at 15665

Prepared by Jamie Saettele, CMT

The GBPUSD rally stalled shy of the Fibonacci confluence in the mid 15900s (50% retracement and 100% extension of rally from the low). I wrote yesterday that “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.” The GBPUSD has slipped and is testing the 10/13 low at 15665. Additional weakness over the next week+ would test 15540/60. Resistance is 15700/30.

Trend Strength (M,W,D) – (1), 0, 1

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