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GBPUSD Rebounds from Top Side of Former Trendline Resistance

GBPUSD Rebounds from Top Side of Former Trendline Resistance

2012-09-20 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Rebounds from Top Side of Former Trendline Resistance

Prepared by Jamie Saettele, CMT

If Thursday’s low doesn’t hold, then expect support at 16130/50. “GBPUSD focus remains 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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