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British Pound Former Resistance acts as Support

British Pound Former Resistance acts as Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Former Resistance acts as Support

Prepared by Jamie Saettele, CMT

Like the EURUSD, the GBPUSD has spent the last 3 days trading within the first day of the month’s rang. The drop from the 2/1 high to the 2/6 low (145 pips) is the largest decline since the GBPUSD rally that began on 1/13. However, the structure of the decline is corrective and suggests that price will exceed 15882. The 200 day average at 15946 and 50% retracement of the decline from the 2011 high at 15989 are levels of interest on the upside. 15785 is short term support and a drop below 15706 would negate the constructive bias.

Bottom Line – flat

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