GBP/USD Trades to 50% Level-Next Sale Favored above 1.5300

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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Trades to 50% Level-Next Sale Favored above 1.5300

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “It is possible that an incredibly important top is in place at the May 1 high. Even if a top of importance is in place, there will be bounces along the way.” 1.5220, the 50% retracement of the rally from the March low, might be a place that produces a bounce.

FOREX Trading Strategy: Decreased position size at 1.5220 - move stop on rest of position to 1.5390, increase short position above 1.5300

LEVELS: 1.5075 1.5127 1.5218 1.5268 1.5319 1.5384

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