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GBP/USD Swings Sharply Intraday but Little Daily Change

GBP/USD Swings Sharply Intraday but Little Daily Change

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Swings Sharply Intraday but Little Daily Change

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “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.” The GBPUSD slipped below 4/23 low but continues to trade around 1.5220, the 50% retracement of the rally from the March low. As mentioned in recent days, “this might be a place that produces a bounce”. Expect strength to prove corrective into 1.5277-1.5330.

FOREX Trading Strategy: Target hit at 1.5220. Bias is still short. Looking to re-short from 1.5277 to 1.5330 with a 1.5390 stop.

LEVELS: 1.5075 1.5127 1.5173 1.5272 1.5319 1.5384

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