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GBP/USD Outside Day Crosses 20 SMA; Trendline is Key

GBP/USD Outside Day Crosses 20 SMA; Trendline is Key

2014-05-27 18:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Outside Day Crosses 20 SMA; Trendline is Key

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD reversed on Thursday at the line that extends off of the November and February lows. A break of this line is needed in order to more confidently signal that a top is in place.

-The reaction at 1.6902 bodes well for the downside near term. The rate is trading at estimated support of 1.6789. A break would go a long way in suggesting that mid-1.6600s is the next stop.

LEVELS: 1.6683 1.6717 1.6753 | 1.6833 1.6871 1.6898

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

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