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GBPUSD Gives in and Falls Below Trendline

GBPUSD Gives in and Falls Below Trendline

2012-05-15 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Gives in and Falls Below Trendline

Prepared by Jamie Saettele, CMT

“The inability to find a low early in the month decreases confidence in bullish continuation as per my trading rules”. This rule has saved us from trying to buy the GBPUSD. Currently just below support from the trendline that extends off of the January, March, and 4/16 lows and approaching former resistance (4/12 high) at 15985, price may see a bounce but a better play is shorting that bounce against Monday’s high (16123). 16035 and 16080 are resistance.

LEVELS: 16200 16160 16123 16080 16035 15985 15910

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