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British Pound Short Opportunity above 15500

British Pound Short Opportunity above 15500

2012-01-18 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Short Opportunity above 15500

Prepared by Jamie Saettele, CMT

Expectations are for the GBPUSD to extend into the 15480-15530 zone and find a top. The low end of this range is defined by the 20 day average and 100% extension of the 15233-15404 rally. The high end of the range is defined by the 1/10 and 1/6 highs. I favor shorts into this zone with a stop above the early month high of 15670. From an Elliott perspective, the rally composes wave iv within an ending diagonal.

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

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