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GBP/USD Responds to Long Term Trendline Support

By , Sr. Technical Strategist
05 February 2013 23:58 GMT

Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Responds to Long Term Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Drawing the long term trendline off of the 2012 low instead of the 2010 low leaves the trendline at Tuesday’s low. The break of the November low, retest of that level as resistance, and subsequent selloff was significant however and it’s probably a matter of time until the GBPUSD really takes a dive. What keeps me from playing a breakdown here is the specter of 5 waves down from the January high.

FOREX Trading Strategy: On the lookout for ‘sell the rally’ entries. Stay tuned.

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05 February 2013 23:58 GMT