GBP/USD Month Open at 1.5207; Near Term Resistance at 1.5150/70
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: The GBPUSD “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.” The trade below last week’s low increases confidence that a high is in place. In fact, the recent high could serve as the right shoulder of a head and shoulders pattern.
FOREX Trading Strategy: Order to short 1.5170 with a 1.5250 stop with a 1.5030 target (would expect a bounce from there…which will look to sell again).
LEVELS: 1.4980 1.5027 1.5078 1.5150/70 1.5207 1.5262