Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The GBPUSD is nearing last week’s 1.5260 high. Resumption towards the congestion area that preceded the sharp 2/20 drop is favored. The lower part of that zone (1.5415) is also the 38.2% retracement of the decline from the January high (1.5423). IF the rally continues from above 1.5092, then the advance would consist of 2 equal legs at 1.5521, or near the top of the zone (1.5549).
FOREX Trading Strategy: Risk for traders should now be 1.5090 (bias is bullish above 1.4830 though). If 1.5090 fails to hold, then 1.5045 and 1.4994 are estimated supports. Pay attention to the London open if trading GBPUSD. I spoke at length during Monday’s webinar about how I am trading GBPUSD.
LEVELS: 1.4994 1.5045 1.5092 1.5259 1.5320 1.5415