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GBP/USD Retraces Part of Friday Reversal; Awaits UK GDP

GBP/USD Retraces Part of Friday Reversal; Awaits UK GDP

2014-01-27 01:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Retraces Part of Friday Reversal; Awaits UK GDP

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 negated but GBPUSD carved out another one on Friday. What we are left with is a series of traps since 1/17 (bull and bear). 1.6400 remains an objective dividing line for direction.

-The bigger picture breakout objective is 1.6897.

LEVELS: 1.6399 1.6457 1.6500 | 1.6628 1.6667 1.6746

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

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