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GBP/USD Consolidates Around 20 Day Midpoint

GBP/USD Consolidates Around 20 Day Midpoint

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Consolidates Around 20 Day Midpoint

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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. In general, 1.5410/45 (4/11 high and 5/7 low) is a possible sell zone.

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 1.5191 1.5239 1.5375 1.5410 1.5445

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