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British Pound Threatens 15560 Pivot

British Pound Threatens 15560 Pivot

2011-12-09 16:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Threatens 15560 Pivot

Prepared by Jamie Saettele, CMT

Cable has turned up in a sharp manner and may be leading the pack. Trading above 15780 would shift focus to the 100% extension at 15920, which is above former support at 15875. A surge through the short term channel would suggest acceleration towards the October high at 16165 (161.8% extension is at 16140 as well). 15560 is key to the bull side. A drop below 15560 would negate the short term bullish pattern.

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