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GBP/USD Drop Below 1.6127 Would Trigger Intraweek Reversal

GBP/USD Drop Below 1.6127 Would Trigger Intraweek Reversal

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Drop Below 1.6127 Would Trigger Intraweek Reversal

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).” This is still possible. Below 1.6095 would have me looking for a short to bounce.

LEVELS: 1.6030 1.6095 1.6127 | 1.6190 1.6230 1.6330

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