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GBPUSD Inside Day at Trendline Warns of Reversal

GBPUSD Inside Day at Trendline Warns of Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Inside Day at Trendline Warns of Reversal

Prepared by Jamie Saettele, CMT

The inside day at the trendline that extends off of the 2/8/12 and 2/29/12 high warns of a turn lower. I wouldn’t trade the GBPUSD from the short side but I’m not bullish here either. Resistance is also expected from the October 2011 high at 16165 (reinforced by trendline resistance). Worth noting is that last week’s range is considered a ‘large range’ (largest in 13 weeks). Previous ‘large ranges’ have indicated exhaustion of the underlying move. Near term structure is bearish (5 waves down from the top).

Bottom Line (next 5 days) – topping/topped?

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