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British Pound Doji at 6 Month Low

British Pound Doji at 6 Month Low

2012-01-17 22:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Doji at 6 Month Low

Prepared by Jamie Saettele, CMT

The doji from Friday and inability of the GBPUSD to stay under 15271 (October low) is enough evidence to abandon the near term bearish bias. Focus is now on resistance at 15410 and 15500/30. The former level is the Friday high. The latter is a series of highs from 1/6 to 1/10 and the 20 day average and a level that I would be willing to reestablish shorts.

Bottom Line – short on strength into 15500/30, stop 15670

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