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FOREX Analysis: GBP/USD Closes Below 7 Month Trendline

FOREX Analysis: GBP/USD Closes Below 7 Month Trendline

2013-01-16 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Closes Below 7 Month Trendline

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The GBPUSD has broken trendline. Recent comments were that “price action is lackluster for bulls when one considers what the EURUSD is doing. That said, respect the upside as long as price is above 15991. Weakness below that level would open up 15822.” With the break below trendline support, look towards 15822.

FOREX Trading Strategy: The trend is lower as long as price is below 16167. 16050/90 is resistance and the level to sell into.

LEVELS: 15822 15900 15961 16050 16090 16167

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

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