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GBP/USD to Monthly Lows; Channel Support in Sight

GBP/USD to Monthly Lows; Channel Support in Sight

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD to Monthly Lows; Channel Support in Sight

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The drop to a May low reinforces recent comments – “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.” One of those bounces could materialize from 1.5400/20 but estimated resistance is 1.5468/87.

FOREX Trading Strategy: Stay short, increase position on strength into 1.5468/87, decrease position at 1.5405 and 1.5350

LEVELS: 1.5220 1.5350 1.5409 1.5468 1.5487 1.5531

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

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