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GBPUSD Sideways Trade Suggests Trend is Still Bullish

GBPUSD Sideways Trade Suggests Trend is Still Bullish

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Sideways Trade Suggests Trend is Still Bullish

Prepared by Jamie Saettele, CMT

I touched on the similarities between 2011 and 2012 earlier this week, noting that “if the pattern breaks, then the GBPUSD would head higher towards the trendline that extends off of the 2009 and 2011 highs above 16500. Supports are 16150 and 16060/80.” The trend is up and dips should be bought. This is a good place to do just that as price is holding support from late April highs (16150-16170). Failure to hold 16150 would shift focus to 16080. The trendline that crosses off of the April 2011 and August 2011 highs is just above 16300 and interim resistance.

Ideas: long, stop 16040, target 16500

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