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FOREX Analysis: GBP/USD Longs Favored on Weakness

FOREX Analysis: GBP/USD Longs Favored on Weakness

2012-12-11 02:17:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Analysis_GBPUSD_Longs_Favored_on_Weakness_body_gbpusd.png, FOREX Analysis: GBP/USD Longs Favored on Weakness

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The 61.8% retracement in the GBPUSD held and price has returned to the top of the late November range. Like the EURUSD, the GBPUSD decline from the September high is corrective and the rally from 15822 is an impulse. Look lower over the course of December but with an interruption (B wave). 15940 (61.8%) and 15960 (former 4th wave) are probable supports but probably not until later in the month.” Corrective weakness may have ended Friday. Expect support from 16035 to 16063 before a run on 16227.

FOREX Trading Strategy: The rally from Friday’s low (16001) has unfolded in 5 waves. Any weakness in the near term would present an opportunity to align with bulls for a run at 16227. Support is noted.

LEVELS: 16001 16035 16073 16130 16174 16227

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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