News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
GBP/USD Upside Risk Increases

GBP/USD Upside Risk Increases

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Upside Risk Increases

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: No change: “The GBPUSD reversed from just below the 61.8% retracement of the 2009 range (1.3500-1.7042). “The idea that price is bottoming for a move back to 1.5320-1.5400 is on track.” Near term, weakness from 1.5221 has taken the form of a wedge (ending diagonal possible) with a slight throwover (quick drop below the wedge support and reversal). Reversals from wedges are often quick and the target is the origin of the pattern (in this case 1.5221).”

FOREX Trading Strategy: I wrote yesterday that “this kind of tape (drop on news…into a big level…and reversal) is bullish but a rally above Monday’s high is needed in order to improve the chances that the long side works out.” Price has exceeded Monday’s high. I’m bullish above the low.

LEVELS: 1.4770 1.4830 1.4892 1.4981 1.5047 1.5131

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