GBP/USD Resistance Estimated at 1.5180

DailyFX

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Resistance Estimated at 1.5180

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The GBPUSD has produced an RSI reversal setup. Price action since the 7/5 low may have completed a flat correction. The decline from last week’s high is impulsive and price remains below the early month high of 1.5303.

FOREX Trading Strategy: Wrote last week that “an inside day or key reversal on Friday would probably offer an opportunity to short next week.” We got the inside day. Resistance to sell into is 1.5180/95. Stops should be above 1.5220.

LEVELS: 1.4893 1.4910 1.5037 1.5130 1.5182 1.5220

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