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GBPUSD Correction Likely Underway Towards 15800/50

GBPUSD Correction Likely Underway Towards 15800/50

2012-05-28 17:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Correction Likely Underway Towards 15800/50

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 last week and has rebounded. 15780 is interim resistance but 15850 is ultimately viewed as the stronger level.

LEVELS: 15500 15600 15740 15780 15850

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