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British Pound 15420 Break Would Expose October Low

British Pound 15420 Break Would Expose October Low

2011-12-14 16:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound 15420 Break Would Expose October Low

Prepared by Jamie Saettele, CMT

Cable has broken a short term support line and focus is on the October low at 15271. The trend is considered down against the December high (15770) and a drop below 15271 would confirm the 13 month head and shoulders top and shift focus towards channel support below 15000. Near term resistance is 15540.

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