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GBP/USD Underside of Broken Trendline is Now Estimated Resistance

GBP/USD Underside of Broken Trendline is Now Estimated Resistance

2013-10-30 22:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Underside of Broken Trendline is Now Estimated Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD broke the trendline that originates at the July low on Tuesday. 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.

-The underside of the mentioned trendline is now estimated resistance along with 1.6115/45 (former support).

-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 1.6015 | 1.6077 1.6115 1.6162

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