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GBP/USD 1.6800 is Useful as a Near Term Pivot

GBP/USD 1.6800 is Useful as a Near Term Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD 1.6800 is Useful as a Near Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD has traded into the November 2009 high. The next possible resistance is 1.6985 then the 2009 high at 1.7042. Is GBP leading or lagging (USD is not at lows against other major currencies).

-RSI (daily) finished at 70 on May 1st for the first time since October. The most recent breakout level (1.6800/20) has held as support so far. Below 1.6800 would argue for a deeper setback with initial focus on 1.6760.

LEVELS: 1.6760 1.6800 1.6850 | 1.6892 1.6986 1.7042

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

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