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GBPUSD at Channel Resistance

GBPUSD at Channel Resistance

2012-03-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD at Channel Resistance

Prepared by Jamie Saettele, CMT

The last 4 days are viewed as consolidation and additional weakness is favored as long as price is below 15832. Bearish objectives are 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. The channel is at 15515 Friday.

Bottom Line (next 5 days) – sideways?

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