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British Pound Support at 15740/70

British Pound Support at 15740/70

2012-02-16 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Support at 15740/70

Prepared by Jamie Saettele, CMT

Taking our cue from the EURUSD, the 2/14 low may prove to be a B wave low within an A-B-C advance that ends above 16000. The 61.8% extension of the 15233-15928 rally (wave A) is at 16074, in the middle of the 50% and 61.8% retracements of the decline from the 2011 high. Support is 15770 and 15740.

Bottom Line – Long on weakness below 15770, stop 15640, target 16100

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