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British Pound Support Expected at 15600

British Pound Support Expected at 15600

2012-02-22 00:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Support Expected at 15600

Prepared by Jamie Saettele, CMT

The sharp decline in the GBPUSD may extend a bit further towards 15600, which is where the decline from 15928 would consist of 2 equal waves (15596 to be exact). Support is reinforced by the 50% retracement of the rally from 15233 at 15581 and channel support (at 15600 Thursday).

Bottom Line – Bottoming

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