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GBPUSD Daily Range is Smallest Since June 2007

GBPUSD Daily Range is Smallest Since June 2007

2012-08-20 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Daily Range is Smallest Since June 2007

Prepared by Jamie Saettele, CMT

The scenario that we have focused on in recent days remains valid as long as price is below 15777. That is, the rally from 15267 may be complete with the second half of the corrective rally truncated. Confidence has been low as truncations are rare and is even lower now with price just 70 pips below the key level. Exceeding 15777 would shift focus to the Fibonacci confluence at 15900 (61.8% retracement and 100% extension of the 15267-15777 rally) and the channel line closer to 16000 in the coming weeks.

LEVELS: 15577 15635 15674 15777 15850 15900

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