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GBPUSD 16130/50 of Interest as Support if Reached

GBPUSD 16130/50 of Interest as Support if Reached

2012-09-19 21:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD 16130/50 of Interest as Support if Reached

Prepared by Jamie Saettele, CMT

The GBPUSD was rejected shy of Monday’s high yet again (last 3 days’ highs are 16273, 16267 and 16271). Action is consistent with the consolidation that we expected but also suggestive of near term exhaustion and additional weakness into 16130/50 before resumption of the larger bull. “GBPUSD focus is on the May (and 2012) high at 16301, pivot high from August 2011 at 16453 and then the trendline that extends off of the 2009 and 2011 highs. That line crosses roughly 16497 this week. 16174-16205 is now support. Like all USD crosses, expect USD strength to prove corrective. The trend is up against 16062.”

LEVELS: 16130 16150 16185 16235 16300 16453

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