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GBP/USD Trades Below NFP Low

GBP/USD Trades Below NFP Low

Jamie Saettele, CMT, Sr. Technical Strategist


GBP/USD Trades Below NFP Low

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.”

-GBPUSD traded below the NFP low of 1.6820 today. This level is stacked with former highs and channel support. The decline into this level is impulsive, suggesting a change in the larger trend but not before a rally attempt (watch 1.6900).

LEVELS: 1.6717 1.6762 1.6806 | 1.6842 1.6870 1.6918

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.