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GBP/USD 1.5220 in Sight as Initial Objective

GBP/USD 1.5220 in Sight as Initial Objective

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD 1.5220 in Sight as Initial Objective

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Recent commentary was that “reversals from wedges are often quick and the target is the origin of the pattern (in this case 1.5221).” The reversal is well underway. Expect a reaction off of 1.5221 but there is potential several weeks out for 1.5400-1.5600 (38.2%-50% of decline). Estimated near term support is 1.5010/40. Another reason to suspect that we head higher from here is the fact that the ‘reasons’ for the advance aren’t clear (once we get the ‘reasons’, it’ll be time to bail on longs).

FOREX Trading Strategy: Plans to increase longs on weakness into 1.5010/40 and exit half of the trade at 1.5220….then buy more on the reaction off of 1.5220.

LEVELS: 1.4830 1.4900 1.5010 1.5221 1.5320 1.5415

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