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GBP/USD Trades to Yearly Low; 1.4910 is Near Term Resistance

GBP/USD Trades to Yearly Low; 1.4910 is Near Term Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Trades to Yearly Low; 1.4910 is Near Term Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Weakness from 1.5750 has all the characteristics of a 3rd wave (within an impulse from the January high).” Targets in the weeks+ ahead are 1.4229/59 (May 2010 low and 78.6% of 2009 range) and ultimately the 2009 low at 1.3500. Near term, the decline is stretched and downside momentum is waning. A recovery over the next few days or more into 1.5050-1.5100, would present an opportunity to latch on for the rest of the move.

FOREX Trading Strategy: A recovery over the next few days or more into 1.5050-1.5100, would present an opportunity to latch on for the rest of the move.

LEVELS: 1.4732 1.4800 1.4830 1.4910 1.4980 1.5007

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

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