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GBP/USD Channel Resistance is Textbook

GBP/USD Channel Resistance is Textbook

2013-04-30 22:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Channel Resistance is Textbook

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.” Today’s outside bar at channel resistance is characteristic of a top.

FOREX Trading Strategy: Short, stop 1.5570. target 1.5420

LEVELS: 1.5333 1.5418 1.5467 1.5605 1.5688 1.5788

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