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GBP/USD Knocking on 1.6600; Breakout Objective Would be Near 1.6900

GBP/USD Knocking on 1.6600; Breakout Objective Would be Near 1.6900

2014-01-22 00:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Knocking on 1.6600; Breakout Objective Would be Near 1.6900

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) is still in place but activity this week suggests additional upside. Last 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 has propelled the market higher.

-A breakout objective would be 1.6897.

LEVELS: 1.6421 1.6485 1.6523 | 1.6602 1.6704 1.6746

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

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