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GBP/USD Trades into 4/4 Low; Risk for Bears Down to 1.5160

GBP/USD Trades into 4/4 Low; Risk for Bears Down to 1.5160

2013-05-22 22:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Trades into 4/4 Low; Risk for Bears Down to 1.5160

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The GBPUSD continues to get hit. Price dropped all the way to the 4/4 low today. The intraday spike into 1.5155 is the new risk level. The 78.6% retracement of the advance from 1.4830 is of interest just under 1.5000 but the close of the March low day at 1.4900 is viewed as more significant.

FOREX Trading Strategy: Continue moving stop down on whatever shorts are left…stop is now 1.5160. Exit at 1.4900 if reached this week.

LEVELS: 1.4901 1.4985 1.5018 1.5083 1.5112 1.5163

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

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