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GBP/USD Nearing Dividing Line of 1.6400

GBP/USD Nearing Dividing Line of 1.6400

2014-01-30 22:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Nearing Dividing Line of 1.6400

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 and 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. A drop below 1.6308 would eliminate that objective from consideration.

LEVELS: 1.6259 1.6308 1.6400 | 1.6525 1.6589 1.6628

--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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