GBP/USD Presses 1.6100 ahead of GDP Release
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-GBPUSD has rebounded after trading below the pre-Fed level of 1.5969 intraday Tuesday.
-A new high would expose 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.
-The circled area on the chart may represent a ‘throwover’ in which price thrusts through an upward sloping channel before reversing trend.
Trading Strategy: If price drops into 1.5885, then the strategy is to short a bounce. Feelings here are similar to EURUSD.
LEVELS: 1.5885 1.5954 1.6019 | 1.6099 1.6178 1.6253
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.