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FOREX Technical Analysis: GBP/USD Focus Remains on 15780

FOREX Technical Analysis: GBP/USD Focus Remains on 15780

2012-11-14 01:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_GBPUSD_Focus_Remains_on_15780_body_gbpusd.png, FOREX Technical Analysis: GBP/USD Focus Remains on 15780

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “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.” Now that 15913 has been broken (origin of the 3 wave advance), focus shifts to where the GBP/USD may find the next support. 15777 is a popular candidate. This level is former resistance, 50% retracement and 100% extension of decline from the top. 15915 and 15957 are resistance.

FOREX Trading Strategy: I remain bearish. Risk is moved down to 16042. The objective is 15780. 15950 is resistance on a bounce.

LEVELS: 15754 15780 15825 15915 15957 16019

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