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GBPUSD Supported by April Highs (former resistance)

GBPUSD Supported by April Highs (former resistance)

2012-05-02 18:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Supported by April Highs (former resistance)

Prepared by Jamie Saettele, CMT

I touched on the similarities between 2011 and 2012 yesterday, noting that “if the pattern breaks, then the GBPUSD would head higher towards the trendline that extends off of the 2009 and 2011 highs above 16500. Supports are 16150 and 16060/80.” The trend is up and dips should be bought. This is a good place to do just that as price is holding support from late April highs (16150-16170). Failure to hold 16150 would shift focus to 16080.

Ideas: long, stop 16040, target 16500

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