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British Pound Testing December High

British Pound Testing December High

2012-01-31 00:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Testing December High

Prepared by Jamie Saettele, CMT

The GBPUSD ended January higher by 1.48% and took out its late November and December highs today. The next level that may trigger selling is 15668/88 (November levels). Support is 15725 and a drop below 15640 is needed in order to trigger a deeper setback. The following should put the recent run in perspective. The GBPUSD has been up 11 of the last 12 days. The most recent ‘11 of 12 up days’ occurred at the December 2004 top, August 2005 short term top and August 2010 top.

Bottom Line – flat

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