GBP/USD at Risk Below 1.5134
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote last update that “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.” That new low appears to be around the corner. I’ve got my eye on 2 areas for formation of a low; 1.4985/96 and 1.4901/19.
FOREX Trading Strategy: Flat
LEVELS: 1.4831 1.4900 1.4985 1.5066 1.5156 1.5260
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