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British Pound Plummets-Nears October Low

British Pound Plummets-Nears October Low

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Plummets-Nears October Low

Prepared by Jamie Saettele, CMT

Volume on British Pound futures reached a 20 day high today. Such days can be used as ‘reference point’ days from which to establish a bias. As long as price is below 15500, favor the downside towards the October low at 15271. Exceeding 15500 would indicate a reversal. 15365-15400 is resistance for Thursday.

Bottom Line – sell rallies into 15365-15400, stop 15500, target 15270, 15150

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