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GBPUSD Reaches October 2011 High

GBPUSD Reaches October 2011 High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Reaches October 2011 High

Prepared by Jamie Saettele, CMT

The GBPUSD has reached the trendline that extends off of the May and August 2011 lows more or less to the pip. The level is also defined by the October 2011 high at 16166. Like the EURUSD, this is a good place for a setback before still higher prices (daily RSI is at highest level since 8/3/10). There’s little reason to expect an important top at this juncture (structurally, momentum considerations, monthly opening range, etc). 16080 remains support and the Fibonacci extension explained yesterday at 16215 remains of interest on the upside.

LEVELS: 16050 16080 16125 16165 16215 16300

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