GBP/USD Trendline is Just Below 1.5100
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Wrote last Monday - “Don’t lose sight of the big picture. A 4 year triangle was broken to the downside in February and price has returned to the breakout point. The GBPUSD completed an outside week. This is 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. The GBPUSD topped in January…the EURUSD in February. The GBPUSD bottomed in March…the EURUSD in April. The GBPUSD made a high on 6/17 and the EURUSD made its high on 6/19. So it makes sense that the GBPUSD would fall apart before the EURUSD does. 5 waves down are visible from the high but when the GBPUSD turns, it tends to go quickly so beware of looking for a deep 2nd wave rally that never materializes.” The structure of weakness is cleaner than that of the EURUSD and an impulse may be nearing completion. Watch for support at 1.5090-1.5113.
FOREX Trading Strategy: Looking for a low this week and for a corrective rally. Might have an opportunity to trade both of them…stay tuned.
LEVELS: 1.5030 1.5090 1.5113 1.5203 1.5276 1.5341
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