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GBPUSD Inside Day Trade Setup

GBPUSD Inside Day Trade Setup

2012-10-15 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Inside Day Trade Setup

Prepared by Jamie Saettele, CMT

As focused on last week, the GBPUSD decline from the top is in 2 equal legs (nearly to the pip). 2 equal legs is typical for a correction as is RSI turning up just above 40 after registering readings above 70 at the price peak. In summary, price relationships (2 equal legs) and the momentum profile paint a constructive picture.

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