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British Pound Fibonacci Extension Acting as Resistance

British Pound Fibonacci Extension Acting as Resistance

2011-12-01 17:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Fibonacci Extension Acting as Resistance

Prepared by Jamie Saettele, CMT

The long term GBPUSD pattern is similar to that of the EURUSD. That is, a potential head and shoulders top and 13, 52 week cross points to lower prices. Near term, price has ripped through several channels but does face resistance from the 13 week average and 100% extension of the rally from 15422. Additional strength would shift focus to former support at 15875 and the 161.8% extension at 15902. Former resistance is now support at 15600.

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