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GBP/USD Near Term Trade Plan is Clear

GBP/USD Near Term Trade Plan is Clear

2013-03-19 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Near Term Trade Plan is Clear

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: 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 1.4962-1.5003 if we get there but defense at 1.5070 has been impressive.

FOREX Trading Strategy: Bullish against 1.4830. Upside levels of interest begin at 1.5320-1.5408. Minor resistance is at 1.5221. Support is 1.4962-1.5003. This chart more or less highlights how I’m operating. Pay attention to London hours, especially on a news reaction into 1.5000.

LEVELS: 1.4830 1.4900 1.5003 1.5221 1.5320 1.5415

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