GBP/USD Consolidation to Offer Next Long Opportunity

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Consolidation to Offer Next Long Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Recent commentary was that “reversals from wedges are often quick and the target is the origin of the pattern (in this case 1.5221).” The reversal is well underway. Expect a reaction off of 1.5221 but there is potential several weeks out for 1.5400-1.5600 (38.2%-50% of decline). Estimated near term support is 1.5010/40. Another reason to suspect that we head higher from here is the fact that the ‘reasons’ for the advance aren’t clear (once we get the ‘reasons’, it’ll be time to bail on longs).

FOREX Trading Strategy: Bullish against 1.4830. Upside levels of interest begin at 1.5320-1.5408. Minor resistance is at 1.5221. Support is 1.4962-1.5003.

LEVELS: 1.4830 1.4900 1.5003 1.5221 1.5320 1.5415

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