GBP/USD into Former Resistance as Support ahead of News

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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD into Former Resistance as Support ahead of News

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change - “The recent move doesn’t do anything to change the long term implications from the 4 year triangle break that occurred in February. The line that extends off of the January and June highs is at the market. If price were to trade through the June high (1.5750), then the line that extends off of the 2007 and 2013 highs would come into play near 1.5800. 1.5600 (May top and large volume area) is a big level.”

FOREX Trading Strategy: BoE minutes will be released Wednesday morning. I’ll look to take advantage in the event of a spike above last week’s high with a short order at 1.5600 and 1.5760 stop. If the move is lower then the setup will come from lower levels.

LEVELS: 1.5207 1.5334 1.5433 1.5512 1.5535 1.5600

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