GBP/USD Channel Presence offers Longer Term Opportunity
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “Bigger picture, a 4 year triangle was resolved in February to the downside and I still think we should be looking to align with the downtrend. That said, we’ll probably get the chance to do so at better levels. The 50% retracement of the decline from the January high at 1.5605 intersects channel resistance on Friday.” Weakness below 1.5417 would warrant bearish consideration before 1.5605.
FOREX Trading Strategy: Expect to short later this week-don’t know if it will be higher or lower though (could be near 1.5600 or 1.5400)
LEVELS: 1.5330 1.5370 1.5418 1.5550 1.5605 1.5688