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British Pound Exceeds Early Month High and Trendline

British Pound Exceeds Early Month High and Trendline

2012-01-25 23:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Exceeds Early Month High and Trendline

Prepared by Jamie Saettele, CMT

The GBPUSD extended its rally to 8 consecutive day, exceeded the early January high (15670) and broke through trendline resistance. Perhaps the pop above 15670 will trigger a reaction lower into 15600/30 support. Congestion is heavy from here up to 15775.

Bottom Line – flat

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