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GBP/USD Largest Rally in Over 3 Years

GBP/USD Largest Rally in Over 3 Years

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Largest Rally in Over 3 Years

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD traded to its highest level since January 11thin the largest rally since July 1st, 2010. The late day push nearly reached the 1/11 high of 1.6179.

-The next possible resistance is the line that extends off of the 2011 and 2013 highs at about 1.6225 and the January 2nd close (high of the year…first trading day of the year) of 1.6252.

-21 day RSI is at 75. This is the highest reading since early June 2009.

Trading Strategy: Flat

LEVELS: 1.5980 1.6040 1.6094 | 1.6225 1.6252 1.6380

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

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