eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Small Range Key Reversal at Important Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD key reversal at important resistance warns of a turn. Remember, “the rally would consist of 2 equal legs from the July low at 1.5722, which is also the close of the high day in June.” Wednesday’s high was just several pips below 1.5722. “If price trades above the June high of 1.5750, then the 61.8% retracement of the Jan-March decline comes in at 1.5788 and the November 2012 low at 1.5826.”

FOREX Trading Strategy: Below 1.5607 would increase probability that the market has turned. Till then, I’m an observer.

LEVELS: 1.5474 1.5546 1.5607 1.5697 1.5722 1.5788