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GBP/USD Reverses – Still Holding Near Term Support Line

GBP/USD Reverses – Still Holding Near Term Support Line

2013-09-05 23:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Reverses – Still Holding Near Term Support Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD reversed after ticking above the 8/21 close of 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: A drop below 1.5520 would turn me bearish. While not expected, a push through the June high (1.5750) would put the GBPUSD at 7 month highs.

LEVELS: 1.5461 1.5521 1.5570 | 1.5609 1.5630 1.5666

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