GBP/USD Inside Day Follows Outside Day Before GDP

| 25 april, 2013 | 0 kommentarer

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Inside Day Follows Outside Day Before GDP

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The rally from the 3/12 low is left in 3 waves which leaves the GBPUSD vulnerable. . A break below trendline support would be a good indication that the larger downtrend is underway. In the event of a break, a pausing area for the decline would be 1.5032-1.5120 (4/4 low to 50% retracement). Comments from early April remain valid as well – “The GBPUSD hasn’t quite reached previously mentioned levels of interest, which include 1.5460 (2 equal legs from the low), 1.5500 (top of former congestion) and 1.5605 (50% retracement). Viewed in the context of the bearish break from a 4 year triangle in February, we should be looking to align with the downtrend after a month of gains.”

FOREX Trading Strategy: There are so many interpretations of the decline from 1.5410 right now that it’s not worth speculating what the pattern is ahead of UK GDP. Given bigger picture though, staying short (entry was on 4/16 close) with a target on half at 1.5070.

LEVELS: 1.5032 1.5121 1.5195 1.5297 1.5330 1.5384

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Kategori: Analys från DailyFX

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