eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Daily RSI Trade Setup

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The GBPUSD has produced an RSI reversal setup. Price action since the 7/5 low may have completed a flat correction. The decline from last week’s high is impulsive and price remains below the early month high of 1.5303.” The RSI reversal setup is similar to the one that occurred in February. Resistance extends into 1.5182/95.

FOREX Trading Strategy: Resistance to sell into is 1.5180/95. I’ll leave stops above the July high of 1.5303.

LEVELS: 1.4893 1.4980 1.5037 1.5182/95 1.5220 1.5303