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GBP/USD Stays Strong; Continues to Test 1.6250

GBP/USD Stays Strong; Continues to Test 1.6250

2013-10-02 23:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Stays Strong; Continues to Test 1.6250

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The Jan 2nd close at 1.6252 is still serving as resistance for GBPUSD. Keep in mind that the year to date high is 1.6380 and the measured move from the most recent range (1.6162-1.5954) is 1.6369.

-Price has traded above the 2011 and 2013 highs (at about 1.6220) intraweek. The line from the 2009 and 2011 highs is at 1.6328 this week.

-Weekly RSI(13) ended last week at 66. This is the highest reading since the week that ended 11/09/2007.

Trading Strategy: Market may be completing 5 waves up from the 9/24 low, in which case a top might come in around 1.6320/57 (61.8 and 100 percent expansions of wave 4 from 1.6259 to 1.6162). Below 1.6162 would begin to suggest at least a deeper decline.

LEVELS: 1.5999 1.6095 1.6160 | 1.6252 1.6290 1.6330

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

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