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GBP/USD Breaks Channel Support

GBP/USD Breaks Channel Support

2013-05-13 12:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Breaks Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The GBPUSD is clear cut here…the drop below channel support 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.” With weakness below 1.5320, look towards 1.5220.

FOREX Trading Strategy: Stay short, move stop on all to 1.5460, increase position on strength into 1.5330/85, decrease position at 1.5220.

LEVELS: 1.5075 1.5127 1.5218 1.5330 1.5385 1.5451

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