GBP/USD 2nd Highest Close of the Year; 3 Year High at 1.6668
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD blew through the 1/24 close today. The last resistance before the high (1.6667) is the 1/2 high at 1.6602 and the 1/28 high at 1.6624. Continued ranging is possible but today’s advance is consistent with a bull trend.
-The first target on a break above 1.6667 is the measured objective from this year’s 1.6667-1.6251 range, at 1.7083. This is in line with the 2009 high at 1.7042.
-Supports are seen at 1.6557 and 1.6510
LEVELS: 1.6487 1.6510 1.6557 | 1.6628 1.6667 1.6746
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