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GBPUSD Intraday Spike Completely Retraced by Close

GBPUSD Intraday Spike Completely Retraced by Close

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Intraday Spike Completely Retraced by Close

Prepared by Jamie Saettele, CMT

No change: “I’ve focused on the importance of 16300, the 2010 high and April 2012 high, in recent weeks and it’s clear that the level remains important. Friday’s bar constitutes a large range bar (JS Thrust bar), which is useful as a tool in identifying important reference points. The last JS Thrust bar occurred on 7/26; that low was never broken. It’s possible that Friday’s bar provides the same reference point for going short. Resistance is 16180-16225. Weakness probably doesn’t reach strong support until 15900/10 (38.2% retracement and 8/23 high). A break below 16070 would warrant a bearish breakout strategy although Cable may not be in play until Thursday.”

LEVELS: 15880 15959 16070 16160 16186 16217

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