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GBP/USD Little Changed; 1.6140-1.6190 Remains Estimated Resistance

GBP/USD Little Changed; 1.6140-1.6190 Remains Estimated Resistance

2013-10-08 23:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Little Changed; 1.6140-1.6190 Remains Estimated Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The Jan 2nd close at 1.6252 nailed the high so far, which came in at 1.6259. Resistance is reinforced by a 4 year resistance line.

-A key reversal week (new high and close below prior close) unfolded last week.

-EURGBP (see 2 Friday’s ago) technicals are favorable for a more important top forming in GBPUSD.

Trading Strategy: Response of market to trendline and first day of year close (1.5952) bodes well for larger top. 1.6140 (9/18 close) and 1.6195 (10/1 close) are estimated resistance levels. The 61.8% of the decline is 1.6162 (also 10/1 low).

LEVELS: 1.5954 1.6005 1.6069 | 1.6140 1.6162 1.6195

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