News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD is Stable but Downside Favored below First of Month High

GBP/USD is Stable but Downside Favored below First of Month High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD is Stable but Downside Favored below First of Month High

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.

-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: The first target was reached at 1.5960. The stop on the rest is trailed to 1.6060 (above first day of month high) with a 1.5540 limit.

LEVELS: 1.5750 1.5876 1.5924 | 1.5998 1.6040 1.6077

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

DISCLOSURES