Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

GBP/USD Failure to Hold Here Would Signal Failed Breakout

By , Sr. Technical Strategist
05 February 2014 00:30 GMT

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Failure to Hold Here Would Signal Failed Breakout

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD has traded lower following the large outside day reversal on 1/24. While a larger top may be in place, the response at former resistance from 1.6259 gives scope for a move back into the range, which could contribute to formation of a larger top.

-The 1/24 close is now resistance at 1.6477.

LEVELS: 1.6132 1.6216 1.6275 | 1.6366 1.6444 1.6495

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

05 February 2014 00:30 GMT