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GBP/USD-Keep 1.5630 in Mind with Bank of England on Deck

GBP/USD-Keep 1.5630 in Mind with Bank of England on Deck

2013-05-08 20:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD-Keep 1.5630 in Mind with Bank of England on Deck

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The GBPUSD went parabolic for an hour this morning before failing just before the high. Perhaps the rally into 1.5591 was just a stop run but in the event of a positive reaction to BoE tomorrow, I’m still looking for a top. Keep the 2/5 low at 1.5630 in mind. Recent comments also remain valid. “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.”

FOREX Trading Strategy: Wanted to see price overlap with former high at 1.5411 before BoE to have a better idea that a top is in place so I’m flat heading into tomorrow. Bias is still short though and looking for a sale into 1.5630 with a 1.5700 stop.

LEVELS: 1.5320 1.5420 1.5483 1.5629 1.5688 1.5750

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

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