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GBP/USD Friday Doji at Range Highs Portends Weakness

GBP/USD Friday Doji at Range Highs Portends Weakness

2013-10-21 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Friday Doji at Range Highs Portends Weakness

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD saw its 2nd largest 1 day rally of the year on 10/17, behind only 9/18. The market remains below the October high and the 10/1 close at 1.6195 is estimated resistance before the high.

-Exceeding the 10/1 high (1.6259-which is pips from the 1/2 close of 1.6252) still faces the January high (first trading day of the year in fact) at 1.6380.

Trading Strategy: GBPUSD has yet to confirm the EURUSD high. This market may very well remain within a range. With a high in place on 10/1, I am turning bearish for a return to the near term range lows and maybe more.

LEVELS: 1.6055 1.6096 1.6125 | 1.6195 1.6259 1.6300/10

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