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GBP/USD Reverses off of 4/4 Low

GBP/USD Reverses off of 4/4 Low

2013-05-23 22:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Reverses off of 4/4 Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The GBUSD reversed sharply from just under the 4/4 low. Despite the reversal, a new low isn’t out of the question from current levels in order to complete 5 waves down from 1.5321 (price would then be at risk of a recovery back to 1.5321). If price rallies from above the low, then would begin looking for a top at 15260-1.5320.

FOREX Trading Strategy: Moved to flat and looking to resell higher…probably above 1.5260.

LEVELS: 1.4901 1.5012 1.5053 1.5160 1.5260 1.5320

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

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