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GBP/USD at Risk Following Retracement of Friday’s Action

GBP/USD at Risk Following Retracement of Friday’s Action

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD at Risk Following Retracement of Friday’s Action

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.

-The mentioned outside day reversal along with a weekly key reversal (week that ended 1/3) warns of a top. Monday’s retracement of last week’s choppy advance increases confidence in a bearish outlook. FXTW touched on short setups in other GBP crosses.

Trading Bias: Order to go short

LEVELS: 1.6260 1.6315 1.6358 | 1.6420 1.6477 1.6516

--- 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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