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GBP/USD Wedge Low Possibly in Place

GBP/USD Wedge Low Possibly in Place

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Wedge Low Possibly in Place

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The GBPUSD slid to a new low today but “the idea that price is bottoming for a move back to 1.5320-1.5400 (watch the 20 day average also) is on track.” Today’s low is pips above the 61.8% of the rally from the 2009 low to 2009 high (1.3500-1.7042) at 1.4853. Near term, weakness from 1.5221 has taken the form of a wedge (ending diagonal possible). Reversals from wedges are often quick and the target is the origin of the pattern (in this case 1.5221).

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. I wrote last week that “1.4850-1.4950 might do the trick.” Exceeding the wedge resistance line would turn me bullish for a larger recovery.

LEVELS: 1.4780 1.4853 1.4947 1.5047 1.5198 1.5320

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