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GBP/USD 1.5600/10 May Give Bulls a Tough Time

GBP/USD 1.5600/10 May Give Bulls a Tough Time

2013-09-03 00:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD 1.5600/10 May Give Bulls a Tough Time

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-In each of the last 3 trading days, the GBPUSD has spiked into its high for the day between 4 and 5 am (NY).

-1.5600 is viewed as an important level in this market. The level is defined by the 8/16 low, 8/26 high, and 61.8% retracement of the decline from 1.5717.

-The August high of 1.5717 is just pips from where the advance from the July low would consist of 2 equal legs.

-A weekly key reversal unfolded 2 weeks ago at the 52 week average.

Trading Strategy: Looking for evidence of a secondary top…1.5600 is well defined and could produce the top.

LEVELS: 1.5427 1.5461 1.5535 | 1.5606 1.5655 1.5720

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