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GBPUSD Trades Sideways-20 Day Average Just Below

GBPUSD Trades Sideways-20 Day Average Just Below

2012-05-08 21:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Trades Sideways-20 Day Average Just Below

Prepared by Jamie Saettele, CMT

“The trend is up and dips should be bought. Risk on longs can be moved up to 16100 (Monday’s low). Failure to hold the low would shift focus to former resistance at 16062. The trendline that crosses off of the April 2011 and August 2011 highs is just above 16300.

Ideas: long, stop 16100, target 16310

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

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