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GBP/USD Spike on News Could Complete Rally above 1.5700

GBP/USD Spike on News Could Complete Rally above 1.5700

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Spike on News Could Complete Rally above 1.5700

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The GBPUSD blasted through everything last Thursday and now faces parallel channel resistance. Another point of interest is the 2/7 large volume (CME) close at 1.5711. The rally from the March low would consist of 2 equal legs at 1.5783. CME volume on Thursday was the largest since the day after the 2010 flash crash (May 7) (possibility of capitulation). Don’t lose sight of the big picture. A year triangle was broken to the downside in February and price has returned to the breakout point.

FOREX Trading Strategy: Flat

LEVELS: 1.5487 1.5530 1.5585 1.5683 1.5711 1.5783

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

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