GBP/USD Bounces from Former Highs ahead of Event Risk
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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