eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD RSI Reversal Setup

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD has produced an RSI reversal setup. “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 next several days.”

FOREX Trading Strategy: Same as EURUSD…waiting out Friday. An inside day or key reversal on Friday would probably offer an opportunity to short next week.

LEVELS: 1.4910 1.5015 1.5100 1.5200 1.5280-1.5303 1.5392