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GBP/USD Respecting 10 Day EMA For Now

By , Sr. Technical Strategist
26 August 2013 22:25 GMT

Daily

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Respecting 10 Day EMA For Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: 6/6 and 8/7 were both large volume days. After 6/6, price grinded into a top that was made on 6/17. Since 8/7, price grinded higher into a top that was made Wednesday. Recent comments remain valid - “The GBPUSD key reversal at important resistance warns of a turn. Remember, the rally would consist of 2 equal legs from the July low at 1.5722, which is also the close of the high day in June.” Last Wednesday’s high was just several pips below 1.5722. If price trades above the June high of 1.5750, then the 61.8% retracement of the Jan-March decline comes in at 1.5788 and the November 2012 low at 1.5826.”

FOREX Trading Strategy: The GBPUSD has led the EURUSD at most turns in 2013….so the GBPUSD top might be ‘safer’ than the EURUSD top. 1.5622/55 is resistance.

LEVELS: 1.5422 1.5474 1.5560 1.5622 1.5655 1.5690

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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26 August 2013 22:25 GMT