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GBP/USD Reversal in Emotional Market Indicates Upside Risk

GBP/USD Reversal in Emotional Market Indicates Upside Risk

2013-02-21 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Reversal in Emotional Market Indicates Upside Risk

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: I wrote yesterday that “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.” Today’s J Spike (key reversal with volatility condition) is another indication that the GBPUSD decline is exhausted. Price may be a few days away from a low but there is sufficient evidence to abandon the short bias and move to flat.

FOREX Trading Strategy: Flat

LEVELS: 14885 14947 15123 15299 15337 15415

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