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GBPUSD Traders Best Served by Range Strategy

GBPUSD Traders Best Served by Range Strategy

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Traders Best Served by Range Strategy

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. A triangle must also be considered in which case the GBPUSD range would tighten for another few days before breaking higher to complete the advance from 15267. The current juncture is not conducive to taking a strong stand.

LEVELS: 15392 15457 15490 15567 15625 15679

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