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GBP/USD 1.5100 Hold is Viewed in Positive Light for Next Week

GBP/USD 1.5100 Hold is Viewed in Positive Light for Next Week

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD 1.5100 Hold is Viewed in Positive Light for Next Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Near term, the GBPUSD hold at 1.5100 is a positive development so there is clearly no reason to alter the bullish outlook. Resumption towards the congestion area that preceded the sharp 2/20 drop is favored. The lower part of that zone (1.5415) is also the 38.2% retracement of the decline from the January high (1.5423). IF the rally continues from above 1.5092, then the advance would consist of 2 equal legs at 1.5521, or near the top of the zone (1.5549).

FOREX Trading Strategy: Risk for traders should be moved up to 1.5090 (bias is bullish above 1.4830 though). If 1.5090 fails to hold, then 1.5045 and 1.4994 are estimated supports. Pay attention to the London open if trading GBPUSD.

LEVELS: 1.4994 1.5045 1.5092 1.5259 1.5320 1.5415

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