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GBPUSD Spikes off of Lows

GBPUSD Spikes off of Lows

2012-05-24 15:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Spikes off of Lows

Prepared by Jamie Saettele, CMT

The GBPUSD has entered a zone that was congestion in March (15601-15746). A zone that was previously congestion will likely provoke reactions again. In other words, this is a good place for the GBPUSD to find a near term low. I wrote last update that “the idea fits with short term structure as well. A drop to a new low (below 15732) would probably complete 5 waves down from 16300 and give way to a multi week corrective advance.” Cable spiked into 15638 today and has quickly rebounded. The near term tape suggests the origin of a correction back towards 15845. 15730 and 15775 serve as interim resistance.

LEVELS: 15889 15848 15779 15730 15601

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