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 Rips after Gap Fill; 1.6115-1.6160 in Play Again

GBP/USD Rips after Gap Fill; 1.6115-1.6160 in Play Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Rips after Gap Fill; 1.6115-1.6160 in Play Again

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.

-After yesterday’s ‘lowest close since 9/17’, the GBPUSD retraced the entire week’s decline and negated a bearish breakout. Watch for resistance from 1.6115 to 1.6160 as range conditions persist.

Trading Strategy: Flat

LEVELS: 1.5853 1.5903 1.5960 | 1.6060 1.6117 1.6160

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

DISCLOSURES