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British Pound Up for 6th Consecutive Day

British Pound Up for 6th Consecutive Day

2012-01-23 22:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Up for 6th Consecutive Day

Prepared by Jamie Saettele, CMT

The GBPUSD rally has stalled at levels seen in early January. Like the EURUSD, the structure of the rally from the 1/13 low is constructive (5 waves). The implications are for near term weakness before additional gains. For now, 15450-15500 is estimated support.

Bottom Line – flat

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