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GBP/USD Under 1.6290 Would Shift Near Term Trend Bias

GBP/USD Under 1.6290 Would Shift Near Term Trend Bias

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Under 1.6290 Would Shift Near Term Trend Bias

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 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.

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