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GBP/USD Dip 1st Day of Year Outside Reversal after 1.6600 Test

GBP/USD Dip 1st Day of Year Outside Reversal after 1.6600 Test

2014-01-07 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Dip 1st Day of Year Outside Reversal after 1.6600 Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD made an outside day reversal on 1/2 after poking above 1.6600. Since 2011, the market has reverted to the mean early in the year.

-Bigger picture, GBPUSD has broken above the line that extends off of the 2009 and 2011 highs. A significant breakout is possible. Below 1.6216 is needed to negate bullish implications from this event.

Trading Bias: Flat

LEVELS: 1.6260 1.6315 1.6357 | 1.6449 1.6500 1.6552

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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