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British Pound Trades into November Congestion Zone

British Pound Trades into November Congestion Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Trades into November Congestion Zone

Prepared by Jamie Saettele, CMT

Today’s GBPUSD range was the largest since the 1/13 low and price has reached the November pivots at 15868/88. A drop below 15706 is needed in order to trigger a deeper setback of the incredible run from the January low. Short term support is 15790 and additional strength targets the 200 day average at 15955 and 50% retracement of the decline from the 2011 top at 15989.

Bottom Line – flat

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