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British Pound Still Capped by 20 Day Average

British Pound Still Capped by 20 Day Average

2011-12-06 16:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Still Capped by 20 Day Average

Prepared by Jamie Saettele, CMT

As long as price is below 15780, respect the potential for a decline that ends below 15423 in order to complete 5 waves down from 16166. Trading above 15780 would negate the bearish pattern and shift focus to former support at 15781 and the trendline that extends off of the August and November highs. That line is at 15950 today and decreases about 10 pips per day.

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