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GBP/USD Bounces from Former Highs ahead of Event Risk

GBP/USD Bounces from Former Highs ahead of Event Risk

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Bounces from Former Highs ahead of Event Risk

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-GBPUSD is showing signs of failing after breaking above multi-month consolidation (1.6259). That level has served as support so far. A measured objective remains at 1.6625 (near the Aug 2011 high of 1.6618) if the rate turns up.

-A multi-week topping process may be underway. Consider this a possibility as long as price is below 1.6415.

Trading Strategy: Flat

LEVELS: 1.6132 1.6197 1.6259 | 1.6348 1.6415 1.6443

--- 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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