GBP/USD Make or Break Time as Event Risk Looms

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Make or Break Time as Event Risk Looms

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD blasted through everything last Thursday and now faces parallel channel resistance. Another point of interest is the 2/7 large volume (CME) close at 1.5711. The rally from the March low would consist of 2 equal legs at 1.5783. CME volume on Thursday was the largest since the day after the 2010 flash crash (May 7) (possibility of capitulation). Don’t lose sight of the big picture. A year triangle was broken to the downside in February and price has returned to the breakout point.

FOREX Trading Strategy: Flat

LEVELS: 1.5347 1.5390 1.5487 1.5600 1.5683 1.5711

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