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GBP/USD Trendline Bounce from is Shallow and Warns of Breakdown

GBP/USD Trendline Bounce from is Shallow and Warns of Breakdown

2013-02-06 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Trendline Bounce from is Shallow and Warns of Breakdown

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Drawing the long term trendline off of the 2012 low instead of the 2010 low leaves the trendline at Tuesday’s low. The break of the November low, retest of that level as resistance, and subsequent selloff was significant however and it’s probably a matter of time until the GBPUSD really takes a dive. What keeps me from playing a breakdown here is the specter of 5 waves down from the January high.

FOREX Trading Strategy: On the lookout for ‘sell the rally’ entries. Stay tuned but the shallow bounce from the trendline is typical of as weak market on the verge of breaking significantly lower.

LEVELS: 15490 15577 15630 15744 15804 15878

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