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GBPUSD Near Term Focus is on Trendline and 16181

GBPUSD Near Term Focus is on Trendline and 16181

2012-10-16 21:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Near Term Focus is on Trendline and 16181

Prepared by Jamie Saettele, CMT

“As focused on last week, the GBPUSD decline from the top is in 2 equal legs (nearly to the pip). 2 equal legs is typical for a correction as is RSI turning up just above 40 after registering readings above 70 at the price peak. In summary, price relationships (2 equal legs) and the momentum profile paint a constructive picture.” The GBPUSD is constructive against 16020 (Monday low) but the ‘easy’ part of the advance is complete as resistance looms just above current levels. 16140/50 is the short term trendline and 9/28 close (JS Thrust day) and the 61.8% retracement of the decline from the top is at 16181.

LEVELS: 16004 16043 16068 16142 16181 16227

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