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British Pound Tests October Low-15500 Remains Key

British Pound Tests October Low-15500 Remains Key

2012-01-12 19:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Tests October Low-15500 Remains Key

Prepared by Jamie Saettele, CMT

Cable nearly reached the October low today (15271) before reversing nearly 100 pips. There is no reason to change the bearish stance against 15500. A break under 15271 targets 15075 and 14950. 15400 remains resistance and exceeding 15500 would indicate a reversal.

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

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