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GBPUSD Inside Day Forms at 100% Extension

GBPUSD Inside Day Forms at 100% Extension

2012-10-10 21:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Inside Day Forms at 100% Extension

Prepared by Jamie Saettele, CMT

“The GBPUSD drop below 16066 opens up the door for a test of 15900 (38.2% retracement of rally from 15233 is at 15897, 8/23 high is at 15912), which would be expected to generate a market response. The 100% extension of the decline from the top comes in at 15974 and warrants consideration as a potential pivot as well.” The low so far is right at the 100% extension. I don’t see anything to do here. I’ll be looking for signs of intraday topping above 16046 or signs of exhaustion on the downside near 15900.

LEVELS: 15825 15912 15974 16046 16100 16142

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