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GBP/USD Bullish Break Fails Impressively

GBP/USD Bullish Break Fails Impressively

2013-04-02 21:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Bullish Break Fails Impressively

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The GBPUSD traded a few pips shy last week’s high before reversing nearly all of last week’s gains. In fact, price nearly covered the previous 8 days’ range today. Structurally, it’s possible that action since the 3/25 high is a flat correction (and specifically wave b) before the final (leg c) rally that completes the rally from the March low. If 1.5090 fails to hold, then 1.5045 and 1.4994 are estimated supports.

FOREX Trading Strategy: “Risk for traders should now be 1.5090 (bias is bullish above 1.4830 though).” While I see a larger correction towards 1.5400+ as probably, more immediate bearish possibilities are possible. With the rally from the March low failing at the 2012 low, I’m quick to pull the trigger on longs at 1.5090. We can always get back in if conditions warrant. As a reminder, updates to current trades can be found via analyst picks.

LEVELS: 1.4994 1.5045 1.5092 1.5259 1.5320 1.5415

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