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GBP/USD Channel Presence offers Longer Term Opportunity

GBP/USD Channel Presence offers Longer Term Opportunity

2013-04-29 22:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Channel Presence offers Longer Term Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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

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