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GBPUSD Resistance Zone Extends to 15685

GBPUSD Resistance Zone Extends to 15685

2012-06-26 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Resistance Zone Extends to 15685

Prepared by Jamie Saettele, CMT

The GBPUSD 3 wave advance does suggest that a top is in place. I wrote yesterday that “the only question at the current juncture is whether or not the decline continues from below or above Friday’s high at 15634. 15635/85 is resistance and 15440/70 is support for this week.” The GBPUSD exceeded 15634 and resistance extends to 15685. The larger bias is bearish against 15777 and each tick higher increases reward/risk for bears.

LEVELS: 15440 15470 15537 15640 15685 15735

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