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GBP/USD Outside Week in Progress

GBP/USD Outside Week in Progress

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Outside Week in Progress

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “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.” The GBPUSD is working on an outside week reversal. This would be the first reversal from a 13 week price extreme since the week that ended 3/15 (low of the year so far). The GBPUSD is ahead of the EURUSD at this point. It turned a day earlier and has already retraced the rally from the 6/7 low. The 6/3 high at 1.5375 (also the 20 day midpoint) is estimated support. 1.5564-1.5600 is resistance.

FOREX Trading Strategy: A seller on strength into 1.5564-1.5600.

LEVELS: 1.5272 1.5375 1.5432 1.5564 1.5600 1.5720

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

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