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GBP/USD-How Many Times Can the Rally Fail Before it FAILS?

By , Sr. Technical Strategist
23 April 2014 19:40 GMT

Daily

GBP/USD-How Many Times Can the Rally Fail Before it FAILS?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-If new GBPUSD highs are seen, then watch the line that extends off of the 3/31 and 4/10 highs (near 1.6985).

-Upside momentum is pathetic (RSI hasn’t been above 70 since October so this doesn’t even feel like a bull) but respect upside as long as the trendline that extends off of the November and February lows holds.

LEVELS: 1.6662 1.6727 1.6748 | 1.6793 1.6829 1.6877

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

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23 April 2014 19:40 GMT