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GBP/USD 1.5100 is Near Term Support

GBP/USD 1.5100 is Near Term Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD 1.5100 is Near Term Support

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% retracement of the 2009 range. On Wednesday of last week I wrote that “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.” The immediate break was higher. Expect Wednesday’s close to provide support at 1.5097 if reached.

FOREX Trading Strategy: If not already long from 3/13, then may consider doing so at 1.5100. Next target area for bulls is 1.5400.

LEVELS: 1.4994 1.5045 1.5097 1.5259 1.5320 1.5415

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