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GBP/USD Reference Points Provided from Double Inside Day

GBP/USD Reference Points Provided from Double Inside Day

2013-04-09 20:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Reference Points Provided from Double Inside Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Back to back GBPUSD inside days warrant caution for longs. Other than that, there is no change. “Focus is still higher for a larger correction of the decline from the January high. The congestion zone prior to the 2/20 decline of 1.5415-1.5550 is of interest. The rally from the low would consist of 2 equal legs at 1.5461. Near term support is 1.5157/98.”

FOREX Trading Strategy: Went long on 4/4 close. Risk on the trade is 4/4 low at 1.5032. Weakness below there would leave the advance in 3 waves, suggesting more consolidation at best and resumption of larger bear trend at worst.

LEVELS: 1.5032 1.5090 1.5192 1.5344 1.5415 1.5461

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