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GBPUSD Creeps Towards Channel and 15800 Figure

GBPUSD Creeps Towards Channel and 15800 Figure

2012-06-20 22:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Creeps Towards Channel and 15800 Figure

Prepared by Jamie Saettele, CMT

The GBPUSD made a new high today but came up short in its quest for a test of 15800 (although channel resistance was tested on the Sunday open). At the end of the day, the GBPUSD had carved out a key reversal (the first bearish one since 2/8/12) which is enough for me to look lower from the current level towards 15600. Channel support comes in at 15560 (in line with the 20 day average).

LEVELS: 15565 15600 15650 15800 15847 15910

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