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GBP/USD 7 Month High as Price Tests November 2012 Low

GBP/USD 7 Month High as Price Tests November 2012 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD 7 Month High as Price Tests November 2012 Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD has traded to a 7 month high. Price has traded through the line (intraweek so far) that extends off of the 2007 and 2013 (January) highs and into the November 2012 low of 1.5826.

-The next level of interest on the upside is the February high at 1.5878.

-10 day RSI has crosses through 75. Instances in recent years have warned of turns.

Trading Strategy: Waiting for either a setup at higher levels or a drop below 1.5680 to turn bearish.

LEVELS: 1.5615 1.5685 1.5755 | 1.5826 1.5878 1.5900

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