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GBP/USD Closes Under Trendline that Defines Rally Since July

GBP/USD Closes Under Trendline that Defines Rally Since July

2013-10-29 23:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Closes Under Trendline that Defines Rally Since July

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-GBPUSD broke the trendline that originates at the July low. The line connects the 7/9 and 8/2 lows and crosses through several days in mid-October. This development is an early sign that the entire advance is complete.

-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.

-Weakness below 1.5893 would confirm a double top. The measured objective would be 1.5527 (width of range subtracted from 1.5893).

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: 1.5893 1.5960 1.6020 | 1.6095 1.6163 1.6207

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

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