eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Trade Setup into GDP Report

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Keep the big picture in mind, specifically the bearish break of a 4 year triangle in February and 3 wave rally from the March low after an impulsive decline from the first trading day of the year.” The rally from the July low would retrace 61.8% of the decline from the June high at 1.5392 and 38.2% of the decline from the beginning of the year at 1.5408. 1.5416 is the close of the week that produced the June high.

FOREX Trading Strategy: GDP is in tomorrow. Wednesday’s drop stopped right at parallel channels support and short term momentum profiles remain bullish. A final high, especially if on news, would present an opportunity to short. If price has already topped, then I’ll be looking for a bounce to sell AFTER price drops below 1.5157.

LEVELS: 1.5190 1.5221 1.5288 1.5371 1.5416 1.5484