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GBP/USD Focus is on Selling above 1.6000

GBP/USD Focus is on Selling above 1.6000

2013-10-10 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Focus is on Selling above 1.6000

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

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

-A head and shoulders top has been confirmed. Underside of the neckline (red) is now estimated resistance along with former lows from 1.6000-1.6030.

Trading Strategy: Market has found a trendline and channel support confluence. This is a good place for a rally to begin. Looking to short 1.6030 with a 1.6075 stop. Target areas are 1.5715/50 and 1.5605. GBPAUD and GBPNZD shorts at 1.6950 and 1.9300 have been triggered. Stops are moved to 1.6960 and 1.9360. I’m in this for a break and am not setting hard limits just yet.

LEVELS: 1.5840 1.5875/85 1.5940 | 1.5985 1.6005 1.6031

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