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FOREX Trading: GBP/USD Significant Breakdown Possibly Underway

FOREX Trading: GBP/USD Significant Breakdown Possibly Underway

Jamie Saettele, CMT, Sr. Technical Strategist

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

Markets, Euro crosses in particular, are trading in violent ranges. Such conditions aren’t for everyone but nimble traders can take advantage. All ideas are posted via Twitter @JamieSaettele.

The EURJPY has backed off of the highs after exhausting post 8:30 US data. Given the extreme momentum readings at the high (Monday), more corrective activity is probably needed. Markets can correct themselves in time and price. In other words, it’s possible that price contracts into a triangle. I’m short from this morning and looking towards 11850 today and 11750 tomorrow. Watch the ‘50s’ in this market. 11650 (low was 11646), 11750 (yesterday’s close was 11743) and 11850 (pivot this morning in Europe was 11841) are all levels to consider for managing the trade.

The EURUSD rally may compose wave B of an A-B-C correction from the top. If this interpretation is correct then price will drop below 13256 before the larger bull trend resumes. 13200/30 is estimated support on a drop below 13256.

The GBPUSD trendline break has me looking towards the November low at 15822 and the 4 year (has it been that long?!) trendline near 15700.

EURJPY – 60 Minutes

FOREX_Trading_GBPUSD_Significant_Breakdown_Possibly_Underway_body_eurjpy.png, FOREX Trading: GBP/USD Significant Breakdown Possibly Underway

Prepared by Jamie Saettele, CMT

EURUSD –Daily

FOREX_Trading_GBPUSD_Significant_Breakdown_Possibly_Underway_body_eurusd.png, FOREX Trading: GBP/USD Significant Breakdown Possibly Underway

Prepared by Jamie Saettele, CMT

GBPUSD – Daily Bars

FOREX_Trading_GBPUSD_Significant_Breakdown_Possibly_Underway_body_gbpusd.png, FOREX Trading: GBP/USD Significant Breakdown Possibly Underway

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the ForexMarket.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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