GBP/USD Rebounds but Has Trouble Before 1.6500…Again
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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. I want to see another close below 1.6400 before turning bearish though.
Trading Bias: Flat
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.