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GBP/USD Trades into Underside of Former Trendline

GBP/USD Trades into Underside of Former Trendline

2013-09-16 00:07:00
Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Trades into Underside of Former Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD traded to its highest level since January 18th. Price tagged the underside of the line that extends off of the 2010 and 2012 lows before pulling back and closing near the low of the day.

-The next level of possible resistance is 1.5994. This level was support following the decline during the first 6 days of the year.

-Weakness below Friday’s low at 1.5775 would be a sign that the market has turned.

Trading Strategy: Waiting for either a setup at higher levels or a drop below 1.5775 to turn bearish.

LEVELS: 1.5775 1.5839 1.5876 | 1.5920 1.5994 1.6070

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

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