Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Up for 9th Consecutive Day

Prepared by Jamie Saettele, CMT

“I wouldn’t trade the GBPUSD from the short side but I’m not bullish here either. Resistance is 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 supports are 16120, 16080 and 16040.

Bottom Line (next 5 days) – topping