GBP/USD Reference Points Provided from Double Inside Day
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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