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GBP/USD Follows Through on Friday Reversal; Faces Trendline

GBP/USD Follows Through on Friday Reversal; Faces Trendline

2013-08-05 21:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Follows Through on Friday Reversal; Faces Trendline

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 GBPUSD has retraced nearly the entire decline from the July top and is pressing against the trendline that extends off of the June and July highs.

FOREX Trading Strategy: Short against 1.5440, target half at 1.5250

LEVELS: 1.5212 1.5250 1.5290 1.5386 1.5433 1.5477

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