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GBP/USD Nears Channel; A Confluence Rests at 1.6442/84

GBP/USD Nears Channel; A Confluence Rests at 1.6442/84

2014-03-18 21:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Nears Channel; A Confluence Rests at 1.6442/84

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. Thursday’s high registered a few pips above the 2/17 close. The manner in which the market responded to that level is bearish.

-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 (daily close) to suggest that the path is lower towards 1.6400.

LEVELS: 1.6380 1.6465 1.6516 | 1.6604 1.6640 1.6712

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

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