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GBPUSD Retraces Wednesday’s Decline

GBPUSD Retraces Wednesday’s Decline

2012-03-29 23:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Retraces Wednesday’s Decline

Prepared by Jamie Saettele, CMT

Yesterday’s comment that “the extreme divergence with RSI on the daily (extreme in that RSI is not even close to 70) is suggestive of a more important top” remains but why short a well bid market? The point is that the GBP is strong relative to most currencies and every dip has been met retraced quickly. A new high would shift focus to the October high at 16150. Weakness from the current level encounters support at 15770 and a drop below 15600 is needed to suggest that something more bearish in the works longer term.

Bottom Line (next 5 days) – ?

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