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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