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British Pound Up for 7th Consecutive Day

British Pound Up for 7th Consecutive Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Up for 7th Consecutive Day

Prepared by Jamie Saettele, CMT

The GBPUSD extended its rally to 7 consecutive days and is closing in on the 1/3 high of 15670. Divergence with RSI on the hourly and the specter of a 5 wave structure from the 1/13 low warn of weakness, albeit in a corrective manner, before additional gains in February. 15590 is interim support but focus is on 15450-15500.

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.