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GBP/USD into Resistance Before Tuesday News

GBP/USD into Resistance Before Tuesday News

2013-05-20 20:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD into Resistance Before Tuesday News

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: 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.” A rally back to 1.5320 or even 1.5380-1.5400 could be underway to correct 5 waves down from the May 1 high. Of course, in sharp downtrends, corrective advances are often shallow-they need to be in order for the market to move quickly! With that in mind, it’s not out of the question that weakness resumes from nearby levels.

FOREX Trading Strategy: Short triggered at 1.5315 on Thursday, stop on that is moved to 1.5325, target half at 1.5130. If taken out at 1.5325 then will look to short near 1.5380 with a 1.5450 stop.

LEVELS: 1.5127 1.5157 1.5217 1.5290 1.5321 1.5384

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

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