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GBP/USD Small Range Key Reversal Similar to Prior Tops

GBP/USD Small Range Key Reversal Similar to Prior Tops

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Small Range Key Reversal Similar to Prior Tops

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD formed a small range (smaller than 10 day ATR) key reversal at the November 2012 low of 1.5826. Small range reversals have signaled tops in recent months.

-The next level of interest on the upside is the February high at 1.5878.

-10 day RSI has crosses through 75. Instances in recent years have warned of turns.

Trading Strategy: Waiting for either a setup at higher levels or a drop below 1.5680 to turn bearish.

LEVELS: 1.5615 1.5685 1.5755 | 1.5839 1.5878 1.5900

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

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