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GBPUSD Settles at Channel Support

GBPUSD Settles at Channel Support

2012-06-21 23:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Settles at Channel Support

Prepared by Jamie Saettele, CMT

“The GBPUSD 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).” The GBPUSD made it to 15977 Thursday and is sitting right on channel support. Like the EURUSD, the 3 wave structure of the advance does suggest that a top is in place but 5 waves down from the top would confirm.

LEVELS: 15403 15475 15564 15615 15650 15700

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