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GBPUSD First Down Day Since 4/13

GBPUSD First Down Day Since 4/13

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD First Down Day Since 4/13

Prepared by Jamie Saettele, CMT

Having blasted through the October 2011 high and 61.8% retracement of the decline from the 2011 high, focus is on the channel that defines the rally from the January low and perhaps even the trendline that extends off of the 2009 and 2011 highs. That line isn’t until above 16500. Near term, look higher as long as price is above 16080. 16205 is support.

Bottom Line (next 5 days) – higher

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