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GBP/USD Trades Through Trendline Intraday; Closes at Line

GBP/USD Trades Through Trendline Intraday; Closes at Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Trades Through Trendline Intraday; Closes at Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

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. If the stop is taken out, then 1.5600 is in focus as the next resistance area. The nightmare scenario would be if price pushes through the July high on news and THEN reverses.

LEVELS: 1.5212 1.5250 1.5290 1.5386 1.5433 1.5477

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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