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Bank of Japan keeps policy unchanged, upgrades FY22 and FY23 inflation outlook to 1.1%

GBP/USD Dip is Corrective; Look Higher

GBP/USD Dip is Corrective; Look Higher

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Dip is Corrective; Look Higher

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. Measured moves come in at 1.6560 and 1.6625.

-Wednesday’s dip found support prior to near term trendline support, which still may come into play following additional consolidation. Failure to hold above 1.6325 could lead to a test of the breakout level at 1.6259.

Trading Strategy: Near term setup is cleaner in GBPNZD. I am long GBPNZD with a 1.9840 stop. Failure to hold above that level would shift focus to 1.9740.

LEVELS: 1.6207 1.6259 1.6325 | 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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