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British Pound Rallies for 9th Consecutive Day

British Pound Rallies for 9th Consecutive Day

2012-01-26 23:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Rallies for 9th Consecutive Day

Prepared by Jamie Saettele, CMT

The GBPUSD also reached its 2nd standard deviation band today but more importantly extended its rally to 9 consecutive days (defining as close > open)! My open/close data extends to 1998 and since then there have only been 3 other instances in which the GBPUSD has rallied for 9 consecutive days, 12/1/04, 8/3/10, and 1/19/11. In all 3 instances, the GBPUSD fell at least 200 pips within the next 6 days (from close of the 9th day to the lowest point). These studies can act as a guide but always keep support/resistance at the forefront. Support for Friday is 15630 and 15600. Resistance above 15735 is 15780.

Bottom Line – flat

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