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FOREX Analysis: GBP/USD 5 Day Average is Useful in Current Environment

FOREX Analysis: GBP/USD 5 Day Average is Useful in Current Environment

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD 5 Day Average is Useful in Current Environment

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD is consolidating after reaching the November low and 50% retracement of the rally from the 2012 low. Ultimately, consolidation probably leads to additional weakness towards the nearly 4 year trendline (the line is just above 15720 this week).

FOREX Trading Strategy: Watch the 5 day average for resistance, which is often useful for support/resistance during sharp moves.

LEVELS: 15693 15777 15805 15893 15923 15955

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

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