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GBP/USD Outside Day at 20 Day Midpoint

GBP/USD Outside Day at 20 Day Midpoint

2013-04-23 22:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Outside Day at 20 Day Midpoint

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.” The rally from the 3/12 low is left in 3 waves which leaves the GBPUSD vulnerable. Trendline support comes in at about 1.5182 on Tuesday. A break below the trendline would be a good indication that the larger downtrend is underway.

FOREX Trading Strategy: Stay short (entry was on 4/16).

LEVELS: 1.5032 1.5121 1.5195 1.5307 1.5330 1.5384

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