GBP/USD Bears Will Pounce on this Bounce
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Wrote yesterday that “the GBPUSD slipped below 4/23 low but continues to trade around 1.5220, the 50% retracement of the rally from the March low. Expect strength to prove corrective into 1.5277-1.5330.” The top came at 1.5321. It’s possible that a drop below 1.5172 completes 5 waves down before a stronger bounce materializes. Regardless, look lower.
FOREX Trading Strategy: Short triggered at 1.5315 today, stop on that is moved to 1.5325, target half at 1.5130. If taken out at 1.5325 then will look to short near 1.5380 with a 1.5450 stop.
LEVELS: 1.5075 1.5127 1.5173 1.5290 1.5321 1.5384