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British Pound Short Term Channel Defines Trend

British Pound Short Term Channel Defines Trend

2011-10-24 15:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Short Term Channel Defines Trend

Prepared by Jamie Saettele, CMT

The GBPUSD has roared higher into the 50% retracement of the decline from the August high. The breakout level is now support at 15850 and focus has shifted higher towards the 61.8% retracement and 200 day average at 16100/30 (the August low at 16109 reinforces resistance at this juncture) and the 100% extension of the rally from 15272 at 16211.

Trend Strength (M,W,D) – (1), 0, 1

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