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GBP/USD Weekly Wicks Warn of Dip

GBP/USD Weekly Wicks Warn of Dip

2013-10-28 20:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Weekly Wicks Warn of Dip

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-This month, GBPUSD has traded from 1.6259 to 1.5893 and back to 1.6255. Sounds like a range to me!

-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 bearish for a return to the near term range lows (1.5950s) and maybe more.

LEVELS: 1.5947 1.6057 1.6115 | 1.6205 1.6259 1.6310

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