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GBP/USD 20 Day Average Figures to See Action in March

GBP/USD 20 Day Average Figures to See Action in March

2013-02-28 01:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD 20 Day Average Figures to See Action in March

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: “The GBPUSD opened lower Sunday night but the open proved to be the low! That alone is constructive but the level that produced the low (15071) is in ‘no man’s land’. The longer term trend is probably down towards the 2009 low at 13500 but a rally back to 15320 or even 15400 would fit within the confines of a normal corrective advance. I’m unsure of that rally comes from here or from 14950 (channel and pivot from July 2010).” The 20 day average has been respected since mid-January. The average along with the 5x5 trendline (blue) may be of interest in March.

FOREX Trading Strategy: Enough evidence to go long now with a stop under Sunday’s low. Target is 15400. Consider GBPAUD as well.

LEVELS: 14885 14947 15070 15270 15320 15415

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