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British Pound Vulnerable as Rally is Corrective

British Pound Vulnerable as Rally is Corrective

2011-12-02 16:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Vulnerable as Rally is Corrective

Prepared by Jamie Saettele, CMT

The short term GBPUSD pattern is a bit clearer than the EURUSD in that the rally from 15422 is composed of 2 equal waves - the hallmark of a corrective move. Moreover, the rally fits well as a 4th wave within the decline from 16165. The implications are for weakness below 15422.

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