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GBP/USD 2013 High in Focus at 1.6380; Breakout or Fakeout?

GBP/USD 2013 High in Focus at 1.6380; Breakout or Fakeout?

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD 2013 High in Focus at 1.6380; Breakout or Fakeout?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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.

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