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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
GBP/USD Setup for a Dip then a Rip

GBP/USD Setup for a Dip then a Rip

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Setup for a Dip then a Rip

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.

-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

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