GBP/USD Key Reversal Unfolds From Resistance Level
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.
-The rally from 1.5853 is beginning to slow in terms of momentum. Recent dips are overlapping with prior peaks. This is a warning that the move may be nearing its end.
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.” A key reversal unfolded Wednesday. This is a start. Resistance is 1.6130/50.
LEVELS: 1.5903 1.5988 1.3059 | 1.6130 1.6170 1.6207
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