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British Pound Support Line Below 15500

British Pound Support Line Below 15500

2011-12-13 16:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Support Line Below 15500

Prepared by Jamie Saettele, CMT

Cable has broken a short term support line and focus is on the trendline that extends off of the October and November lows at 15475 today. Weakness below there exposes the October low at 15271. The trend is considered down against the December high (15770). Like the EURUSD, the GBPUSD decline from the April high is overlapping but may take the form of a leading diagonal. The implications would be for a drop under 15271 before a corrective rally back towards 16000.

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