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British Pound Extension into 16200 is Favored

British Pound Extension into 16200 is Favored

2011-10-28 15:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Extension into 16200 is Favored

Prepared by Jamie Saettele, CMT

“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.” Continue to look higher into 16208 (and the channel) as long as the steep support line holds.

Trend Strength (M,W,D) – (1), 0, 1

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