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GBP/USD Working on First Inside Week In Over a Year

GBP/USD Working on First Inside Week In Over a Year

2013-09-26 21:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Working on First Inside Week In Over a Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD rebounded after trading below the pre-Fed level of 1.5969 intraday Tuesday. 1.5885 is a big level if reached. The level represents the 9/17 low and where the decline from the top would consist of 2 equal legs. The level intersects with trendline support next Wednesday.

-A new high would expose the line that extends off of the 2011 and 2013 highs at about 1.6225 and the January 2nd close (high of the year…first trading day of the year) of 1.6252.

-The circled area on the chart may represent a ‘throwover’ in which price thrusts through an upward sloping channel before reversing trend.

Trading Strategy: Action

LEVELS: 1.5885 1.5954 1.5999 | 1.6050 1.6099 1.6178

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