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GBP/USD Leaves Nasty Candle at Nearly 5 Year High

GBP/USD Leaves Nasty Candle at Nearly 5 Year High

2014-04-17 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Leaves Nasty Candle at Nearly 5 Year High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD traded to a new high but closed near the low, leaving a long wick in the process. If new highs are seen then watch the line that extends off of the 3/31 and 4/10 highs.

-Upside momentum is pathetic (RSI hasn’t been above 70 since October so this doesn’t even feel like a bull) but respect upside as long as the trendline holds.

LEVELS: 1.6565 1.6660 1.6729 | 1.6829 1.6877 1.6985

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

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