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GBP/USD Breaks Lower after Inside Day

GBP/USD Breaks Lower after Inside Day

2013-04-15 22:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Breaks Lower after Inside Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD hasn’t quite reached previously mentioned levels of interest, which include 1.5460 (2 equal legs from the low), 1.5500 (top of former congestion) and 1.5605 (50% retracement). Viewed in the context of the bearish break from a 4 year triangle in February, we should be looking to align with the downtrend after a month of gains. Friday’s inside day setup was resolved to the downside which offers a level (1.5411) to operate from the bearish side. Resistance is 1.5330.

FOREX Trading Strategy: Order to short at 1.5330, stop 1.5415, targets 1.4910 and open. EURGBP characteristics are bearish GBP.

LEVELS: 1.4900 1.5067 1.5204 1.5330 1.5384 1.5461

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