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British Pound 15705 Remains Key February Level

British Pound 15705 Remains Key February Level

2012-02-13 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound 15705 Remains Key February Level

Prepared by Jamie Saettele, CMT

Cable has been weak since the 2/8 key reversal (see arrow). I wrote last week that “the key reversal combined with short term structure (impulsive decline + corrective rally) is near term bearish.” Short term structure isn’t bearish anymore. Rather, a triangle may be unfolding from since 2/1. The implications are for strength towards 15850/80. A drop below the 2/1 low would negate and shift focus to 15640 and 15515.

Bottom Line – flat

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