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GBP/USD Trades Sub 2012 Lows

GBP/USD Trades Sub 2012 Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Trades Sub 2012 Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “The 4 year trendline is broken and focus is on the 2012 low at 15232…and potentially much lower. The short term trend is considered down as long as price is below the Monday high of 15508. Exceeding that level could trip stops up to 15570/80. Given the significance of the trendline break, one should be aggressive with objectives. The downward sloping channel is a potential reference point and measured levels don’t begin until the mid-14000s.” The 2012 low has given way thus focus is on the mentioned channel. However, today’s range is a large range day (largest in 60 days) which raises the possibility of capitulation. Resistance is 15320.

FOREX Trading Strategy: Look lower as long as price is below 15450. Levels of interest are 14950 (intramonth July 2010 pivot) and 14850 (61.8% retracement of 13500-17042 bull leg).

LEVELS: 14885 14947 15123 15299 15337 15415

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

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