GBP/USD Treads Water at 20 Day Average
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: No change other than noting that price is nearing the trendline that extends off of the July and August lows. “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. Of note as well is last week’s key reversal at the 52 week average.”
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. Not doing anything until next week at earliest. If price churns near the current level for the next day or 2, then a head and shoulders top may be in play in early September (pattern since 8/8).
LEVELS: 1.5422 1.5427 1.5481 1.5552 1.5611 1.5655
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