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FOREX Technical Analysis: GBPUSD 3 Wave Advance is the Tell

FOREX Technical Analysis: GBPUSD 3 Wave Advance is the Tell

2012-11-07 01:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_GBPUSD_3_Wave_Advance_is_the_Tell_body_gbpusd.png, FOREX Technical Analysis: GBPUSD 3 Wave Advance is the Tell

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The clearest pattern in recent history is the 3 wave advance from 15913 to 16174 (first day of the month high). 3 wave moves indicate countertrend moves and in this case suggest that the trend is down. Still holding 15951, additional resistance comes in at 16040.

FOREX Trading Strategy Implications: Allowing for (but not expecting) a bounce into 16040, I remain bearish. Risk is moved down to 16174 and a level of interest on the downside is the well-defined 15770 (former resistance, 50% retracement and 100% extension of decline from the top).

LEVELS: 15825 15912 15951 16040 16079 16120

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