GBP/USD Penetrates Multi-Month Range and Closes Sep Gap
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD broke the trendline that originates at the July low on 10/29. 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.
-Price traded to its lowest since 9/13, filling the previously uncovered close from that date in the process. Today’s close is the lowest since 9/17.
Trading Strategy: The break of the range warrants a short position. The stop is above Monday’s high of 1.6020. The measured objective is 1.5530 (width of range extended from the range low).
LEVELS: 1.5717 1.5774 1.5853 | 1.5945 1.5992 1.6009
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