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GBP/USD Probes Lows; Technical Levels at 1.4850 and 1.4950

GBP/USD Probes Lows; Technical Levels at 1.4850 and 1.4950

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Probes Lows; Technical Levels at 1.4850 and 1.4950

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD is back on the lows but “the idea that price is bottoming for a move back to 1.5320-1.5400 (watch the 20 day average) is on track.” Like the EURUSD, the GBPUSD is nearing potentially significant support from technical measures; a July 2010 pivot low and channel support are at 1.4950 and the 61.8% of the rally from the 2009 low to 2009 high (1.3500-1.7042) is at 1.4853.

FOREX Trading Strategy: “Rallies should be sold but probably not until at least 1.5320 and maybe 1.5400.” That leaves room on the upside in the near term once we can identify a low. 1.4850-1.4950 might do the trick. Exceeding 1.5100 would suggest that the low is already in place.

LEVELS: 1.4853 1.4947 1.4984 1.5105 1.5198 1.5320

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