GBP/USD Nearing Dividing Line of 1.6400
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.