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GBP/USD Runs into Channel Resistance

GBP/USD Runs into Channel Resistance

2013-04-11 21:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Runs into Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Recent comments were “the GBPUSD did nothing today which may be a good sign for bulls. 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.” Price has reached the bottom of the resistance zone, which is bolstered by corrective channel resistance. Still, focus does remain higher as long as price is above 1.5317). Levels of interest remain 1.5460 (2 equal legs from the low), 1.5500 (top of former congestion) and 1.5605 (50% retracement).

FOREX Trading Strategy: Went long on 4/4 close. 1.5400 target was hit today on half and the stop on the rest was moved up to 1.5317. EURGBP characteristics are bearish GBP.

LEVELS: 1.5200 1.5278 1.5340 1.5415 1.5461 1.5550

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