Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: I’m sticking with the larger GBPUSD recovery scenario given the strong rebound off of the 61.8% retracement of the 2009 range. On Wednesday of last week I wrote that “of note is today’s CME futures volume, which was the largest in over 2 years. What happens in the few days that follow a volume day of this magnitude typically leads to an extended move.” The immediate break was higher. Expect Wednesday’s close to provide support at 1.5097 if reached.
FOREX Trading Strategy: If not already long from 3/13, then may consider doing so at 1.5100. Next target area for bulls is 1.5400.
LEVELS: 1.4994 1.5045 1.5097 1.5259 1.5320 1.5415