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GBP/USD Setup for a Dip then a Rip

By , Sr. Technical Strategist
14 November 2013 20:31 GMT

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Setup for a Dip then a Rip

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-GBPUSD broke the trendline that originates at the July low on 10/29. The line connects the 7/9 and 8/2 lows and crosses through several days in mid-October. This development is an early sign that the entire advance is complete.

-Near term, the rally from 1.5853 is impulsive. The implications are for a dip into 1.6000 before towards 1.6160-1.6200.

Trading Strategy: 1.6160-1.6200 is big resistance. I’ll be watching the market closely if that level is reached for a short setup.

LEVELS: 1.5903 1.5945 1.6000 | 1.6075 1.6117 1.6160

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14 November 2013 20:31 GMT