Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Spikes Through Channel Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD took out 16227 with ease and spiked through the short term upward sloping trendline on Tuesday. The GBPUSD has responded at 16300 multiple times since 2010 (and twice in 2012). A break through the level would be impressive and shift focus to the long term triangle resistance, near 16450 this week. A near term response here would probably see support at 16174 (former resistance).

FOREX Trading Strategy: Nothing.

LEVELS: 16001 16084 16171 16227 16272 16309