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British Pound Closing in on December High

British Pound Closing in on December High

2011-12-20 15:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Closing in on December High

Prepared by Jamie Saettele, CMT

The turn higher is respected and a larger rally favored over the next month or so in order to correct an ugly diagonal from the April high. A push above the December high of 15781 would shift focus much to the August-November trendline, at 15870 today (decreases about 4 pips per day). Near term supports are 15620 and 15560.

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