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GBP/USD 1.6565 and Trendline in Play

GBP/USD 1.6565 and Trendline in Play

2014-04-03 19:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD 1.6565 and Trendline in Play

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.”

-The rate has bounced from trendline support. Watch for resistance from 1.6712 to go the other way but expect support at 1.6560/80 for a trend continuation opportunity. A break of trendline support would open up 1.6495 and the trend turns bearish below 1.6459.

LEVELS: 1.6428 1.6496 1.6565 | 1.6661 1.6713 1.6767

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

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