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GBP/USD Resistance Estimated above 15700

GBP/USD Resistance Estimated above 15700

2013-02-12 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Resistance Estimated above 15700

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The GBPUSD broke the nearly 4 year trendline but only on an intraday basis. The action warns of a nasty short covering rally before bearish potential resurfaces. The February high at 15878 is the line in the sand for bears this month. The 50%-61.8% retracement of the latest swing at 15707-15739 is estimated resistance.

FOREX Trading Strategy: Looking to short into 15707/39, against 15880 for a larger breakdown.

LEVELS: 15400 15490 15571 15700 15739 15810

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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