eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Nears Multi-Month Highs ahead of BoE

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD has exceeded last week’s high and now faces the 8/21 close at 1.5655.

-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…don’t have any yet. While not expected, a push through the June high (1.5750) would put the GBPUSD at 7 month highs.

LEVELS: 1.5461 1.5535 1.5600 | 1.5655 1.5720 1.5750