GBP/USD Outside Day Reversal before BoE

DailyFX

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Outside Day Reversal before BoE

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote yesterday that “the structure of weakness is cleaner than that of the EURUSD and an impulse may be nearing completion. Watch for support at 1.5090-1.5113.” The GBPUSD found low at 1.5128 and made an outside day reversal. This is the same pattern that characterized the 5/29 low and may be the beginning of at least a correction of the decline from the 6/17 high. Initial resistance has been reached (1.5297) and support is estimated at 1.5297.

FOREX Trading Strategy: Looking to get long near 1.5200 after BoE or NFP (need to see how things play out until then) against the low.

LEVELS: 1.5162 1.5197 1.5225 1.5297 1.5343 1.5413

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