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GBP/USD Stalls at 1.5550-1.5600 Resistance Zone; 200 day Average

GBP/USD Stalls at 1.5550-1.5600 Resistance Zone; 200 day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Stalls at 1.5550-1.5600 Resistance Zone; 200 day Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The recent move doesn’t do anything to change the long term implications from the 4 year triangle break that occurred in February. The line that extends off of the January and June highs is at the market. If price were to trade through the June high (1.5750), then the line that extends off of the 2007 and 2013 highs would come into play near 1.5800. 1.5600 (May top and large volume area) is a big level.

FOREX Trading Strategy: Flat

LEVELS: 1.5303 1.5391 1.5433 1.5600 1.5644 1.5720

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

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