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GBPUSD Faces Resistance from Channels and 7/2 Low

GBPUSD Faces Resistance from Channels and 7/2 Low

2012-07-16 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Faces Resistance from Channels and 7/2 Low

Prepared by Jamie Saettele, CMT

The GBPUSD rally has carried price into channel resistance that extends off of the 6/20 and 7/2 highs. Resistance is reinforced by the 7/2 low at 15641 and channel that defines the rally from 15392. Structurally, it’s possible that yet another expanded flat unfolded (this time from the 7/6 low). I favor the downside against the early month high at 15720.

LEVELS: 15460 15517 15592 15655 15720 15777

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