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GBP/USD Tags 38.2% Retracement of 2013 Decline

GBP/USD Tags 38.2% Retracement of 2013 Decline

2013-07-25 23:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Tags 38.2% Retracement of 2013 Decline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Keep the GBPUSD 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 has reached the 61.8% retracement of the decline from the June high (1.5392) and the 38.2% of the decline from the beginning of the year (1.5408). The rally from the July low consists of exactly 2 equal legs right now.

FOREX Trading Strategy: are at the ‘right level’ for a top. The rally in late US trading on ‘news’ is consistent with capitulation as well but there is no need to try and pick the exact high. 1.5485 would be the next resistance area if Cable continues higher.

LEVELS: 1.5190 1.5257 1.5325 1.5435 1.5484 1.5600

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