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British Pound Break Above 15930 Favored

British Pound Break Above 15930 Favored

2012-02-27 21:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Break Above 15930 Favored

Prepared by Jamie Saettele, CMT

A B wave low within an A-B-C advance from the January low is probably in place. Objectives are the 61.8% extension of the 15233-15928 rally (wave A) at 16074, the October 2011 high and 61.8% retracement of the decline from the 2011 high at 16167 and 100% extension at 16344. I wrote last week that dips should be bought. Initial support has been reached at 15810. The next level of support is 15790 and the upside is favored against Friday’s 15720 low.

Bottom Line – Higher

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