GBP/USD Spikes Below Trendline and Recovers
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD has broken above multi-month consolidation.
-A measured objective is 1.6625 (near the Aug 2011 high of 1.6618).
-Price dropped into trendline support today before recovering to close above. The low registered at 1.6339…right at the 9 am close on 12/6 after NFP.
Trading Strategy: Flat
LEVELS: 1.6290 1.6339 1.6368 | 1.6449 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.