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GBP/USD Action at Trendline Confluence Promising for Bears

GBP/USD Action at Trendline Confluence Promising for Bears

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Action at Trendline Confluence Promising for Bears

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Wrote yesterday that “the GBPUSD reached the 50% retracement today and reversed. Of note is the fact that this is the 6th consecutive up day. The last such occurrence was 10/17/12. The occurrence before that was almost exactly a year ago when the GBPUSD saw a 10 day run to the upside before plunging throughout May.” When considering the break of the 4 year triangle in February, it is possible that an incredibly important top is in place at the May 1 high. Even if a top of importance is in place, there will be bounces along the way…especially in the early going. 1.5420 may be a level that produces a decent bounce.

FOREX Trading Strategy: Stay short against the high, target 1.5420

LEVELS: 1.5380 1.5418 1.5480 1.5555 1.5605 1.5688

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.