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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


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.