300 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png,

Prepared by Jamie Saettele, CMT

The decline from the April high and subsequent advance are both 3 wave affairs. This suggests that either a flat or triangle is underway. Both point lower over the next few weeks towards 16000. In the event of a flat, price would drop under the July low of 15778 before finding a low. Shorter term support comes in at 16040. 16250 is short term resistance.