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GBP/USD Bearish Evidence Continues to Mount

GBP/USD Bearish Evidence Continues to Mount

2013-05-07 19:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Bearish Evidence Continues to Mount

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “There is no certainty in market analysis or trading but this is a perfect place for a top. The 50% retracement of the decline from the January high, channel resistance and internal trendline that dates to September 2012 are a formidable barrier. When considering the break of the 4 year triangle (red line on chart is former triangle support) 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.” The drop to a 5 day low is a good start for bears. 1.5420 could produce a bounce but 1.5320 is lining up to be more important now. That level is channel support and the 2/22 high (38.2% of rally from March low is 1.5410).

FOREX Trading Strategy: Stay short against the high, target half at 1.5320.

LEVELS: 1.5195 1.5320 1.5418 1.5495 1.5555 1.5605

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

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