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British Pound 16100-16200 Should Prove Formidable in Coming Days

British Pound 16100-16200 Should Prove Formidable in Coming Days

2011-10-26 15:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound 16100-16200 Should Prove Formidable in Coming Days

Prepared by Jamie Saettele, CMT

Much like the EURUSD, the GBPUSD has dropped below Monday’s low of 15900 but beware of false starts on the downside. Strength in the coming days would encounter strong resistance from the August low, 61.8% retracement of the decline from 16616, and 200 day average at 16100/30. There is also channel resistance and a 100% extension near 16200.

Trend Strength (M,W,D) – (1), 0, 1

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