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British Pound Stabilizes before Range Low

British Pound Stabilizes before Range Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Stabilizes before Range Low

Prepared by Jamie Saettele, CMT

Like the EURUSD, the GBPUSD rally to a new high (above end of wave A) satisfies minimum requirements for wave C. A larger advance was expected but it would be foolish to dismiss the reversal evidence, especially at the beginning of a new month and amid waning momentum (see the RSI divergence). The new month allows for a tight stop (above 15975). 15745 and 15645 are initial downside levels of interest.

Bottom Line – sideways / lower

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