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GBP/USD 1.5711 to 1.5783 a Zone to Watch for Top

GBP/USD 1.5711 to 1.5783 a Zone to Watch for Top

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD 1.5711 to 1.5783 a Zone to Watch for Top

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The title today says it all. “A point of interest is the 2/7 large volume (CME) close at 1.5711. The rally from the March low would consist of 2 equal legs at 1.5783. CME volume on Thursday was the largest since the day after the 2010 flash crash (May 7) (possibility of capitulation). Don’t lose sight of the big picture. A year triangle was broken to the downside in February and price has returned to the breakout point.”

FOREX Trading Strategy: Same as EURUSD…this is a high risk area to be bullish but there isn’t sufficient evidence of a top to be short either….not yet.

LEVELS: 1.5487 1.5548 1.5600 1.5711 1.5783 1.5822

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