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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Pinned to 1.5100 after Wild Intraday Swings

GBP/USD Pinned to 1.5100 after Wild Intraday Swings

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Pinned to 1.5100 after Wild Intraday Swings

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: I’m sticking with the larger GBPUSD recovery scenario given the strong rebound off of the 61.8% off of the 61.8% retracement of the 2009 range. With the exception of a few hours today, price action since Monday has been slow and corrective. Of note is today’s CME futures volume, which was the largest in over 2 years. What happens in the few days that follow a volume day of this magnitude typically leads to an extended move.

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. Pay attention to London hours, especially on a news reaction.

LEVELS: 1.4830 1.4900 1.5003 1.5221 1.5320 1.5415

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

DISCLOSURES