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British Pound Fibonacci Confluence Near 15500

British Pound Fibonacci Confluence Near 15500

2012-02-15 05:12:00
Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Fibonacci Confluence Near 15500

Prepared by Jamie Saettele, CMT

The GBPUSD drop below 15705 (2/1 low) shifts focus to the 100% extension of the 15928-15730 decline (where the 2 legs from the top would be equal) at 15628 and 161.8% extension at 15506. The latter level is reinforced by the 61.8% retracement of the rally from the January low and 1/10 high. 15730 and 15790 are resistance.

Bottom Line – flat

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