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British Pound Short Term Bearish Pattern

British Pound Short Term Bearish Pattern

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Short Term Bearish Pattern

Prepared by Jamie Saettele, CMT

Yesterday’s key reversal combined with short term structure (impulsive decline + corrective rally) is near term bearish. As mentioned yesterday, “this is the first such reversal since 10/31/2011.” Near term focus is on the Monday low at 15729 of which a break below is needed in order to trigger losses towards 15640 and perhaps 15520.

Bottom Line – flat

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