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GBP/USD Doji at Bottom of Range

GBP/USD Doji at Bottom of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Doji at Bottom of Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-GBPUSD made a key reversal on 2/17. The pullback occurs after a push above the 2011 high and test of the best level since November 2009.

-A daily key reversal at the top of a multiyear range is not something to dismiss. The longer that the market stays below the 2/17 high, the more likely it is that an important top is in place. The market needs to break (not spike intraday) 1.6580 to suggest that the path is lower towards.

LEVELS: 1.6536 1.6582 1.6610 | 1.6657 1.6685 1.6712

--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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