Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Cable traded into the low (just shy actually) from 2 weeks ago, further bolstering the idea that an important high is in place. “Remember, the rally would consist of 2 equal legs from the July low at 1.5722, which is also the close of the high day in June.” Of note as well is last week’s key reversal at the 52 week average.
FOREX Trading Strategy: The GBPUSD has led the EURUSD at most turns in 2013….so the GBPUSD top might be ‘safer’ than the EURUSD top. Resistance is 1.5573 and 1.5655. Not doing anything at earliest until next week.
LEVELS: 1.5422 1.5427 1.5481 1.5573 1.5611 1.5655
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