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British Pound Completing Consolidation from November

British Pound Completing Consolidation from November

2012-01-04 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Completing Consolidation from November

Prepared by Jamie Saettele, CMT

The GBPUSD remains below the December highs but RSI is at a level that produced those December tops (near 50). Additional strength would target the channel that defines the decline from the April high (near 15800 this week). Resistance prior to there is 15690 and 15730. Potential support for Thursday is 15545. Bottom line - action since the 11/25 low is best described as sideways and may compose consolidation before a thrust lower that tests the October low and a leading diagonal from the May high.

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