GBP/USD Inching Towards Fibonacci Confluence

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Inching Towards Fibonacci Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “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 61.8% of the decline from the June high at 1.5392 and 38.2% of the decline from the beginning of the year at 1.5408. 1.5416 is the close of the week that produced the June high.

FOREX Trading Strategy: Flat…price is nearing well defined levels...the next step is seeing how the market responds to the level.

LEVELS: 1.5190 1.5221 1.5296 1.5421 1.5485 1.5600

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