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GBPUSD Waits on Bank of England Minutes

GBPUSD Waits on Bank of England Minutes

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, GBPUSD Waits on Bank of England Minutes

Prepared by Jamie Saettele, CMT

The GBPUSD traded in a 47 pip range today as the market awaits BoE minutes. There is no change from yesterday. “GBPUSD focus is on the May (and 2012) high at 16301, pivot high from August 2011 at 16453 and then the trendline that extends off of the 2009 and 2011 highs. That line crosses roughly 16497 this week. 16174-16205 is now support. Like all USD crosses, expect USD strength to prove corrective. The trend is up against 16062.”

LEVELS: 16130 16174 16205 16301 16453 16618

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