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British Pound Breaks Trendline Support

British Pound Breaks Trendline Support

2012-03-06 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Breaks Trendline Support

Prepared by Jamie Saettele, CMT

Despite the drop below trendline support, expect a short term corrective pattern to take hold in the next few days in GBPUSD. Look for the line to act as resistance now (along with the 20 day average at 15800). In general, resistance over the next few days is 15780-15800. A break under 15644 targets 15500.

Bottom Line (next 5 days) – lower

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