GBP/USD False Break Could Propel Next Bull Leg
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The January 2nd outside day reversal (first trading day of the year) is still in place but activity in recent days is suggestive of additional upside. Friday’s outside day reversal occurred from below the line that originates at the July low. A false break was triggered (a.k.a. bear trap) and could propel the market higher.
-1.6420 is possible support.
LEVELS: 1.6323 1.6382 1.6421 | 1.6516 1.6550 1.6602
--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.