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GBPUSD 15577 is New Key Level

GBPUSD 15577 is New Key Level

2012-07-12 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD 15577 is New Key Level

Prepared by Jamie Saettele, CMT

“Near term focus is lower towards the 100% extension of 15777-15484 / 15721 at 15429. The objective is in line with the 6/1 high at 15438. A drop below the corrective channel (the EURUSD broke below last week) would shift focus to the June 1 low at 15267.” The GBPUSD traded below the 100% extension and channel before rebounding. An extremely bearish 3rd of a 3rd wave interpretation is valid as long as price is below 15577. We’ll discuss these developments in greater detail if warranted.

LEVELS: 15270 15320 15370 15460 15500 15530

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