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UK Prime Minister Boris Johnson Resigns

GBP/USD Month Open at 1.5200

GBP/USD Month Open at 1.5200

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Month Open at 1.5200

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote yesterday that “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.” The GBPUSD made a mockery of 1.5050-1.5100 and has nearly reached the month open of 1.5200. The monthly high so far is 1.5303. Our old friend that helped us catch the May top, the line that extends off of the September and November 2012 highs, is in the mid-1.5300s for the rest of the week.

FOREX Trading Strategy: Same as EURUSD…wait for things to calm down but I’ll be looking for formation of a top.

LEVELS: 1.4910 1.5015 1.5100 1.5200 1.5280-1.5303 1.5392

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

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