News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
GBP/USD Responding to Pre-Fed Level; Monitoring for Specific Setup

GBP/USD Responding to Pre-Fed Level; Monitoring for Specific Setup

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Responding to Pre-Fed Level; Monitoring for Specific Setup

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD made an inside day at resistance last Thursday following the largest one day advance since 7/1/10. After such an extended move, an inside day serves as a turn warning.

-The line that extends off of the 2009 and 2010 lows serves as an impediment to gains. The next possible resistance would be 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.

-Price traded below the pre-Fed level of 1.5969 intraday but finished the day above the level.

Trading Strategy: If price drops into 1.5885, then the strategy is to short a bounce.

LEVELS: 1.5775 1.5885 1.5969 | 1.6072 1.6100 1.6162

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

DISCLOSURES