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GBP/USD Just Pips Away from 7 Month High

GBP/USD Just Pips Away from 7 Month High

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Just Pips Away from 7 Month High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD traded above the 8/21 high and is nearing the June high of 6/17. Price has also reached the trendline that extends off of the 2007 and 2013 (January) highs.

-GBPUSD spent the first 3 months of the year trending lower and the following 6 months trading sideways. Wednesday will mark exactly 6 months from the March 12th low.

-The 61.8% retracement of the 1.6380-1.4831 decline is at 1.5788. The November 2012 low is at 1.5826.

Trading Strategy: Plenty of evidence to suggest that price is topping but not enough to be short…yet. Waiting for either a setup at higher levels or a drop below 1.5560 to turn bearish.

LEVELS: 1.5461 1.5521 1.5685 | 1.5750 1.5788 1.5826

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