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GBPUSD July Low at Risk Before Recovery

GBPUSD July Low at Risk Before Recovery

2012-08-01 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD July Low at Risk Before Recovery

Prepared by Jamie Saettele, CMT

15800 and 15900 remain levels of interest but probably not for another few weeks. GBPUSD action from 15777 may take the form of a flat (B wave). If the interpretation is correct, then the GBPUSD will trade below 15392 (but not by much) before reversing sharply and trading higher in wave C towards 15800-15900. Watch the GBPUSD action to help in timing the EURUSD as well.

LEVELS: 15392 15447 15518 15560 15580 15620

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