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GBP/USD 1.6115/62 Remains Resistance for Topping within Range

GBP/USD 1.6115/62 Remains Resistance for Topping within Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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

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. The market faced the bottom of that range today.

Trading Strategy: As long as the range that has persisted since Oct 1 persists, it’s best to be favor range trading. Longs are favored into 1.5920/70 with 1.5890 stops and shorts are favored into 1.6160-1.6210 with 1.6270 stops. I am currently short GBPAUD with a 1.6990 stop.

LEVELS: 1.5924 1.5970 1.6040 | 1.6117 1.6163 1.6207

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