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GBP/USD Former Support Now Resistance Near 1.6760

GBP/USD Former Support Now Resistance Near 1.6760

2014-05-29 20:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Former Support Now Resistance Near 1.6760

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD broke the line that extends off of the November and February lows. The development is the clearest signal yet that an important top is in place.

-Former support near 1.6760 is now estimated resistance. 1.6650/60 is support for a bounce with stronger support probably at 1.6550/65.

LEVELS: 1.6602 1.6662 1.6683 | 1.6749 1.6782 1.6813

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

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