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GBPUSD Remains Within Confines of Short Term Bearish Channel

GBPUSD Remains Within Confines of Short Term Bearish Channel

2012-03-14 21:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Remains Within Confines of Short Term Bearish Channel

Prepared by Jamie Saettele, CMT

Risk on shorts remains last Thursday’s high at 15833. “Focus is on the 100% extension of the 15991-15696 decline at 15537 and 1/10 high at 15500. A break of the downward sloping channel (tested as support on Monday) would indicate that the decline from 15991 is probably impulsive and headed towards the January low.”

Bottom Line (next 5 days) – down

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