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GBP/USD Probes Lows – at Risk of a Break

GBP/USD Probes Lows – at Risk of a Break

2013-02-11 23:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Probes Lows – at Risk of a Break

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.

FOREX Trading Strategy: Looking to short at 15700, against 15850

LEVELS: 15490 15577 15630 15700 15770 15810

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