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GBPUSD Readying for Next Move Up

GBPUSD Readying for Next Move Up

2012-08-28 15:12:00
Christopher Vecchio, CFA, Senior Strategist
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4-Hour Bars

eliottWaves_gbp-usd_body_Picture_1.png, GBPUSD Readying for Next Move Up

Prepared by Christopher Vecchio, Currency Analyst

Further consolidation and pullback on the 4-hour chart but some significant divergence is building, and it looks bullish. Whereas RSI dropped to 36.58 yesterday on the 4-hour chart, the last time RSI was this low, the GBPUSD traded in the 1.5500s. Likewise, last time price was at this level (1.5793), the RSI was at 71.59. Through and through, this is a bullish development. Key levels for the near-term are 1.5880/1.5900 to the upside and 1.5770 to the downside; we are also becoming overextended on shorter-term charts, suggesting that another failure at 1.5900 could lead to profit taking before further bullish price action. A daily close below 1.5770 should lead to a drop into 1.5700/20. Beyond that, support comes in at 1.5635/40 (last week’s low), and 1.5625 (ascending trendline support off of August 6 and August 10 lows). A daily close above 1.5900 points towards 1.5985.

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