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GBP/USD Retraces Friday’s Decline; Support at 1.5070

GBP/USD Retraces Friday’s Decline; Support at 1.5070

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Retraces Friday’s Decline; Support at 1.5070

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: I jumped the gun on GBPUSD longs last Thursday as price ended up dropping to fresh lows (below 1.5000 for the first time since July 2010). Still, the idea that price is bottoming for a move back to 1.5320-1.5400 (watch the 20 day average) is on track. Friday’s decline has been completely erased and the rally from Friday’s low is impulsive (5 waves). Expect support at 1.5070 (2/25 low and 61.8% retracement).

FOREX Trading Strategy: Rallies should be sold but probably not until at least 1.5320 and maybe 1.5400. That leaves short term traders with an opportunity to play the long side as long as price is above 1.4984.

LEVELS: 1.4885 1.4984 1.5068 1.5220 1.5320 1.5390

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