GBP/USD Possibly Coiling for a Run at 1.6600
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
-GBPUSD has broken above multi-month consolidation.
-A measured objective is 1.6625 (near the Aug 2011 high of 1.6618).
Trading Strategy: The next leg higher may be around the corner. 1.6370/90 is estimated support. If that fails, then support is estimated at 1.6339 (drop to there could complete a 3 point triangle).
LEVELS: 1.6290 1.6339 1.6390 | 1.6453 1.6500 1.6572
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com