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GBPUSD Focus is on Trendline above 16300

GBPUSD Focus is on Trendline above 16300

2012-05-07 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Focus is on Trendline above 16300

Prepared by Jamie Saettele, CMT

“The trend is up and dips should be bought. Risk on longs can be moved up to 16100 (today’s low). Failure to hold the low would shift focus to former resistance at 16062. The trendline that crosses off of the April 2011 and August 2011 highs is just above 16300.

Ideas: long, stop 16100, target 16310

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