GBP/USD 2013 High in Focus at 1.6380; Breakout or Fakeout?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD has traded above multi-month consolidation and is nearing the 2013 high (1.6380). A measured move from the break of the range is 1.6625. This level is in line with the Aug 2011 high (1.6618).
-1.6200/39 is possible support. Below 1.6137 would suggest that the trend is not higher.
Trading Strategy: Was stopped out at 1.6250. Monitor for support at mentioned levels.
LEVELS: 1.6132 1.6193 1.6239 | 1.6380 1.6453 1.6572
--- 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.