Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Enters Long Term Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The GBPUSD is below the line that extends off of the 2009 and 2010 lows (and cuts through lows in May and July 2012). Extending the line off of the 2009 and 2012 lows yields potential support at about 15620 this week. This is in line with the 8/16 pivot low at 15636.

FOREX Trading Strategy: Short targets were hit at 15710 but there is no evidence that the decline is complete…so look lower.

LEVELS: 15490 15577 15636 15745 15793 15826