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GBP/USD Pinned to 1.5100 after Wild Intraday Swings

By , Sr. Technical Strategist
20 March 2013 22:19 GMT

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Pinned to 1.5100 after Wild Intraday Swings

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: I’m sticking with the larger GBPUSD recovery scenario given the strong rebound off of the 61.8% off of the 61.8% retracement of the 2009 range. With the exception of a few hours today, price action since Monday has been slow and corrective. Of note is today’s CME futures volume, which was the largest in over 2 years. What happens in the few days that follow a volume day of this magnitude typically leads to an extended move.

FOREX Trading Strategy: Bullish against 1.4830. Upside levels of interest begin at 1.5320-1.5408. Minor resistance is at 1.5221. Support is 1.4962-1.5003. Pay attention to London hours, especially on a news reaction.

LEVELS: 1.4830 1.4900 1.5003 1.5221 1.5320 1.5415

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20 March 2013 22:19 GMT