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GBPUSD 16003 is Potential Near Term Support

GBPUSD 16003 is Potential Near Term Support

2012-10-18 00:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD 16003 is Potential Near Term Support

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the GBPUSD rally reversed at the 61.8% retracement of the decline from the top. There is also the presence of the 9/28 close (JS Thrust) at 16150 that serves as resistance. The early October high presents an objective level to turn bearish against for at least a pullback if not something bigger.” The GBPUSD drop was sharp and could be the start of a move to 15900 (38.2% and former resistance) or lower. Bearish risk is moved lower to 16150 (from 16220). The GBPUSD could also spend weeks trading between 16000 and 16250. Regardless, expect a response at 16000. Resistance is 16075/95.

LEVELS: 15912 15975 16003 16084 16115 16150

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