GBP/USD Holding Up After Double Inside Day
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The GBPUSD did nothing today which may be a good sign for bulls. I wrote yesterday that “back to back GBPUSD inside days warrant caution for longs.” The fact that price didn’t sell off means that it is acting well. 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 moved up to Monday’s low at 1.5235. Weakness below there would shift focus to 1.5157-1.5200.
LEVELS: 1.5157 1.5198 1.5278 1.5344 1.5415 1.5461