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GBP/USD Channel Confluence in Focus on BoE

By , Sr. Technical Strategist
07 May 2014 21:18 GMT

Daily

GBP/USD Channel Confluence in Focus on BoE

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The next possible resistance is 1.6985 then the 2009 high at 1.7042.” A channel confluence is not far above 1.7042. Look into this area over the balance of the week with the understanding that the market could respond up there on BoE.

-1.6870 serves as the near term pivot.

LEVELS: 1.6760 1.6800 1.6850 | 1.6995 1.7042 1.7100

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

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07 May 2014 21:18 GMT