GBP/USD Daily Range is Smallest Since July 1

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Daily Range is Smallest Since July 1

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The GBPUSD has produced an RSI reversal setup. The RSI setup is similar to the one that occurred in February.” Keep the big picture in mind, specifically the bearish break of a 4 year triangle in February and 3 wave rally from the March low after an impulsive decline from the first trading day of the year. The rally from the July low would retrace half of the decline from the June high at 1.5281 and Wednesday’s high is almost the exact price of the June 2012 low (1.5268 then…today’s high is 1.5267).

FOREX Trading Strategy: Was triggered short Wednesday at 1.5190, stops is 1.5310. Target half at 1.4990. Given the bigger picture downtrend, will keep half open (if this works out).

LEVELS: 1.4893 1.5027 1.5157 1.5248 1.5281 1.5303

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