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GBP/USD Outside Day Reversal before BoE

GBP/USD Outside Day Reversal before BoE

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Outside Day Reversal before BoE

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD formed an inside day just before the March low. Weakness from 1.5750 has all the characteristics of a 3rd wave (within an impulse from the January high). Monday’s action relieved intraday momentum extremes and focus is on where the advance may end. Candidates include 1.5007 and 1.5100.

FOREX Trading Strategy: Looking for a top at 1.5007 or 1.5100.

LEVELS: 1.4580 1.4830 1.4900 1.5007 1.5049 1.5100

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