GBP/USD Might Poke above 1.5400 Before Next Leg Down
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote last update that “a correction of the decline from 1.5606 is underway. The most likely stopping point for the advance is 1.5322/77 (former 4th wave and 61.8% retracement).” The GBPUSD is already at the ‘ideal’ stopping point. In fact, the rally also consists of 2 equal legs (nearly to the pip). There are trendlines of interest as resistance at slightly higher levels. The line that extends off of the January and May highs is at about 1.5400 on Tuesday.
FOREX Trading Strategy: Will be selling…just not sure if higher or lower. Below 1.5239 would create overlap with the former peak and present an opportunity to sell strength. Strength from here might allow a short above 1.5400.
LEVELS: 1.5156 1.5239 1.5288 1.5400 1.5445 1.5480