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GBP/USD Takes Out Prior 10 Days’ Range; Use as Reference Point

GBP/USD Takes Out Prior 10 Days’ Range; Use as Reference Point

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Takes Out Prior 10 Days’ Range; Use as Reference Point

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-After breaking the trendline that had held since November, GBPUSD continues to make fresh highs. The 2009 high (and 2005 low) of 1.7042 has given way as has the line that extends off of the February and May highs. The next level of interest is probably where the decline from the 2013 low would consist of 2 equal waves at 1.7300. Below 1.7000 is needed to shift near term trend.

LEVELS: 1.7008 1.7058 1.7106 | 1.7163 1.7247 1.7300

--Tradingideas are availabletoJ.S. Trade Desk members.

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

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