GBP/USD 1.5600/10 May Give Bulls a Tough Time
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-In each of the last 3 trading days, the GBPUSD has spiked into its high for the day between 4 and 5 am (NY).
-1.5600 is viewed as an important level in this market. The level is defined by the 8/16 low, 8/26 high, and 61.8% retracement of the decline from 1.5717.
-The August high of 1.5717 is just pips from where the advance from the July low would consist of 2 equal legs.
-A weekly key reversal unfolded 2 weeks ago at the 52 week average.
Trading Strategy: Looking for evidence of a secondary top…1.5600 is well defined and could produce the top.
LEVELS: 1.5427 1.5461 1.5535 | 1.5606 1.5655 1.5720
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.