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GBP/USD Drops into 20 Day Average

GBP/USD Drops into 20 Day Average

2014-05-12 17:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Drops into 20 Day Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The next possible resistance is 1.6985 then the 2009 high at 1.7042.” Cable remains capped by 1.6985 and an unorthodox channel. The trend is higher against 1.6820 although complacency in the market leaves me respecting potential for a downside surprise.

-1.6820 serves as the pivot (below is bearish).

LEVELS: 1.6717 1.6762 1.6820 | 1.6896 1.6937 1.6974

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

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