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GBP/USD Remains within Range; Watching 1.6115/62 for Topping

GBP/USD Remains within Range; Watching 1.6115/62 for Topping

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Remains within Range; Watching 1.6115/62 for Topping

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).

-A return to the upper end of the range would face resistance at 1.6115/62.

Trading Strategy: The rest of the short position from 10/21 was trailed out at 1.6060.

LEVELS: 1.5893 1.5921 1.5981 | 1.6077 1.6115 1.6163

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