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British Pound 15500 to Serve as Battleground

British Pound 15500 to Serve as Battleground

2012-01-19 22:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound 15500 to Serve as Battleground

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.” The rally has reached resistance – look lower as long as price is below 15670.

Bottom Line – short, stop 15670

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