GBP/USD Under 1.6290 Would Shift Near Term Trend Bias
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD has broken above multi-month consolidation but failed to hold above the line that extends off of the Nov and Dec (so far) lows. The Oct high at 1.659 is now possible support.
-A measured objective remains at 1.6625 (near the Aug 2011 high of 1.6618).
Trading Strategy: Flat
LEVELS: 1.6197 1.6259 1.6290 | 1.6370 1.6420 1.6465
--- 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.