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 Outside Day Reversal at Range Highs

GBP/USD Outside Day Reversal at Range Highs

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Outside Day Reversal at Range Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD formed an outside day reversal near multi-month range highs. The combination is enough to take a bearish stance against Monday’s high.

-Near term resistance is 1.6175/85.

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.” The outside day is enough for me to turn bearish. Order to short at 1.6175, stop 1.6250, target half at 1.5907.

LEVELS: 1.6006 1.6071 1.6107 | 1.6177 1.6215 1.6259

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

DISCLOSURES