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GBP/USD Responds to Fibonacci; 1.5280 Now Key Near Term

GBP/USD Responds to Fibonacci; 1.5280 Now Key Near Term

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Responds to Fibonacci; 1.5280 Now Key Near Term

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: While recognizing the potential for a drop below 1.5112 to complete impulses from 1.5180 and even 1.5606, the current level is viewed as a high risk area for shorts. Support at the current level is defined by the 61.8% retracement of the rally from 1.4830 and 3/20 large volume day (CME) close.

FOREX Trading Strategy: Short triggered at 1.5315 on Thursday, stop on that is moved to 1.5285, target half at 1.5130 was hit. If taken out at 1.5285 then will look for a top between 1.5320 and 1.5385.

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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