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GBP/USD Remains Range Bound Despite Dip Below Trendline

GBP/USD Remains Range Bound Despite Dip Below Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Remains Range Bound Despite Dip Below Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The January 2nd outside day reversal (first trading day of the year) looms large as does a weekly key reversal the week that ended January 3rd and a possible head and shoulders top.

-Price is below the line that extends off of the July and November lows but today’s action does not exactly inspire a breakdown call. 1.6440/50 is still resistance.

LEVELS: 1.6216 1.6260 1.6337 | 1.6410 1.6449 1.6516

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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