GBP/USD Setup for a Dip then a Rip
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.
-Near term, the rally from 1.5853 is impulsive. The implications are for a dip into 1.6000 before towards 1.6160-1.6200.
Trading Strategy: 1.6160-1.6200 is big resistance. I’ll be watching the market closely if that level is reached for a short setup.
LEVELS: 1.5903 1.5945 1.6000 | 1.6075 1.6117 1.6160