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GBP/USD Possibly Coiling for a Run at 1.6600

GBP/USD Possibly Coiling for a Run at 1.6600

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Possibly Coiling for a Run at 1.6600

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.

-A measured objective is 1.6625 (near the Aug 2011 high of 1.6618).

Trading Strategy: The next leg higher may be around the corner. 1.6370/90 is estimated support. If that fails, then support is estimated at 1.6339 (drop to there could complete a 3 point triangle).

LEVELS: 1.6290 1.6339 1.6390 | 1.6453 1.6500 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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