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GBPUSD Trades to 2012 High

GBPUSD Trades to 2012 High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Trades to 2012 High

Prepared by Jamie Saettele, CMT

The GBPUSD took out the 2012 high thus focus has shifted higher to the 61.8% retracement of the decline from 16745 and 10/31/11 high at 16165. You may also want to keep an eye on the trendline that extends off of the 2/8/12 and 2/29/12 highs. That line comes in at 16164 tomorrow. 15985-16010 is support.

Bottom Line (next 5 days) – sideways/higher?

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.