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GBP/USD Trades into 20 and 200 day Average Confluence

GBP/USD Trades into 20 and 200 day Average Confluence

2013-08-27 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Trades into 20 and 200 day Average Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD has slowly dropped since the 8/21 high at 1.5717. 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. Price found support today at the 20 day average and 8/7 large volume day close. “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: The GBPUSD has led the EURUSD at most turns in 2013….so the GBPUSD top might be ‘safer’ than the EURUSD top.

LEVELS: 1.5422 1.5481 1.5507 1.5611 1.5655 1.5690

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