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Thursday, October 15, 2009

Elliot Waves

Posted by Harmain at 7:41 PM

The GBPUSD has returned to test the head and shoulders neckline that was broken in September. Resistance extends to a resistance line extended from the August and September highs, which is at 1.6478 today and decreases 22 pips per day. Longer term traders should look to position short against 1.6746 in the coming days. 1.6350 is potential resistance as well (61.8% of 1.6746-1.5707).

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