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GBPUSD Poised for 15900 Test

GBPUSD Poised for 15900 Test

2012-10-22 21:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Poised for 15900 Test

Prepared by Jamie Saettele, CMT

“The sharp GBPUSD drop could be the start of a move to 15900 (38.2% and former resistance) or lower. Bearish risk remains 16150 (from 16220 originally). The GBPUSD could also spend weeks trading between 16000 and 16250. Regardless, expect a response at 16000. Resistance is 16075/95.” The GBPUSD bounced from just below 16000 and failed shy of estimated resistance, at 16052 today. It’s unclear if the rally to 16052 completes a correction of the impulsive decline from 16178 but the top is in the vicinity of the former 4th wave (16032-16066) which is a common terminal point for corrections. Allowing for another run at 16066 (but not expecting it), risk remains to the downside.

LEVELS: 15845 15912 15975 16066 16106 16150

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