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GBP/USD Bear Trend Has a Lot to Contend with Below 15400

GBP/USD Bear Trend Has a Lot to Contend with Below 15400

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Bear Trend Has a Lot to Contend with Below 15400

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The GBPUSD is playing with folks out there…I’m glad I’m not involved. After yesterday’s false break, price traded sharply lower throughout the day. Back below the 4 year trendline, the close on the lows is viewed in a bearish light. Significant lows are at 15271 (2011 low), 15232 (2012 low) and 15392 (July 2012 low). In the ‘year of the breakout’, I’d be surprised if these levels hold.

FOREX Trading Strategy: Shorts were never triggered (entries were above 15700). Flat for now until/if we get an opportunity to short strength.

LEVELS: 15319 15392 15490 15585 15630 15688

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

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