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GBP/USD Resistance at 1.5175, Support Near 1.5000

GBP/USD Resistance at 1.5175, Support Near 1.5000

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Resistance at 1.5175, Support Near 1.5000

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: As mentioned yesterday, “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.” Assuming that a secondary low is in place ahead of BoE is probably a dangerous assumption though. Resistance is 1.5175 and support 1.4890-1.5025 (1.4994 is the 61.8% of the rally).

FOREX Trading Strategy: 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 was 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: 1.4901 1.4994 1.5045 1.5175 1.5259 1.5320

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

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