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GBP/USD Daily RSI Trade Setup

By , Sr. Technical Strategist
17 July 2013 22:40 GMT

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Daily RSI Trade Setup

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The GBPUSD has produced an RSI reversal setup. The RSI setup is similar to the one that occurred in February.” Keep the big picture in mind, specifically the bearish break of a 4 year triangle in February and 3 wave rally from the March low after an impulsive decline from the first trading day of the year. The rally from the July low would retrace half of the decline from the June high at 1.5281 and today’s high is almost the exact price of the June 2012 low (1.5268 then…today’s high is 1.5267).

FOREX Trading Strategy: Wrote yesterday that “resistance to sell into is 1.5180/95. I’ll leave stops above the July high of 1.5303.” Position is slightly under water at the moment but I’m sticking with the plan.

LEVELS: 1.4893 1.5027 1.5153 1.5248 1.5281 1.5303

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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17 July 2013 22:40 GMT