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GBP/USD Separates from Outside Day-Focus is on 2012 Lows

GBP/USD Separates from Outside Day-Focus is on 2012 Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Separates from Outside Day-Focus is on 2012 Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: From yesterday – “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).” Another level of interest is the close of the week that produced the 2012 low at 15307. In 2013, ‘the year of the breakout’, I’d rather sell a break of a 4year trendline than fade it.

FOREX Trading Strategy: In 2013, ‘the year of the breakout’, I’d rather sell a break of a 4year trendline than fade it. 15530/80 is resistance and the break is valid against 15690. I’m unlikely to entertain anything bullish until March.

LEVELS: 15232 15307 15392 15531 15578 15627

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

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