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GBPUSD Break Still Needed for 15900 Test

GBPUSD Break Still Needed for 15900 Test

2012-07-25 20:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Break Still Needed for 15900 Test

Prepared by Jamie Saettele, CMT

15900 remains a level of interest. To review, “15900 is the 100% extension of the rally from 15267 and 61.8% retracement of the decline from 16300.” After today’s surge, a tag of 15900 may be in the cards by August 1st. The level intersects channel resistance on that day. An aggressive target of 16105, the 161.8% extension of the rally from 15392 (beginning of wave c?), must also be considered.

LEVELS: 15550 15590 15650 15740 15777 15850

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