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GBP/USD 1.6250-1.6350 is a Possible Congestion Area

GBP/USD 1.6250-1.6350 is a Possible Congestion Area

2014-09-04 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD 1.6250-1.6350 is a Possible Congestion Area

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“GBPUSD has dropped under the May low, reached the 200 day average, and is working on its 6th consecutive weekly decline for the first time since June 2010. It’s been well-documented that extremely high volume tends to occur near or at a market turn but extremely high volume has also ‘kicked-off’ a number of moves, including 8/7/2013.” The near term line in the sand can be moved down to 1.6646 (bearish below). A cluster of former pivots in the 1.6250-1.6330 range may be the next stopping point.

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

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