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GBP/USD Range Presents EUR/GBP Trading Opportunity

By , Sr. Technical Strategist
17 October 2013 22:18 GMT


eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Range Presents EUR/GBP Trading Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-GBPUSD saw its 2nd largest 1 day rally of the year, behind only 9/18. The market remains below the October high and the 10/1 close at 1.6195 is estimated resistance before the high.

-Exceeding the 10/1 high (1.6259-which is pips from the 1/2 close of 1.6252) still faces the January high (first trading day of the year in fact) at 1.6380.

Trading Strategy: GBPUSD has yet to confirm the EURUSD high. This market may very well remain within a range. There is a bullish EURGBP setup.

LEVELS: 1.6055 1.6096 1.6125 | 1.6195 1.6259 1.6300/10

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17 October 2013 22:18 GMT