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GBP/USD Trendline and Former Highs are Estimated Supports if Reached

GBP/USD Trendline and Former Highs are Estimated Supports if Reached

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Trendline and Former Highs are Estimated Supports if Reached

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD has broken above multi-month consolidation and traded to a new high for 2013 today (previous high was on Jan 2nd at 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).

-Possible supports are the breakout level of 1.6259. Watch trendline support as well. The line is at about 1.6310 on Wednesday.

Trading Strategy: A dip into trendline support and/or the broken support level of 1.6259 may present a long opportunity. I’ll be willing to stay bullish ‘against’ 1.6130 if an opportunity presents itself. Stay tuned.

LEVELS: 1.6207 1.6259 1.6330 | 1.6427 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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