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British Pound Mid 15900s is Resistance if Reached

British Pound Mid 15900s is Resistance if Reached

2011-10-19 14:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Mid 15900s is Resistance if Reached

Prepared by Jamie Saettele, CMT

The GBPUSD is right back at its Monday high and a break would quickly see resistance from the 50% retracement of the decline from 16616 at 15944 (this level is reinforced by former support at 15913). Weakness below 15770 would suggest that a larger correction is underway from 15849.

Trend Strength (M,W,D) – (1), 0, 1

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