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GBP/USD Zooming Towards 1.5720/50

GBP/USD Zooming Towards 1.5720/50

2014-11-06 18:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Zooming Towards 1.5720/50

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-A period of congestion may be in order as price has bounced from near the 50% retracement of the advance from the 2013 low but the drop under 1.6050 produces a pivot high on 9/19 and allows one to draw a downward sloping channel. The channel is now in focus as resistance.

-GBPUSD turned lower from mentioned channel resistance. Look lower as long as price is under 1.6180 towards 1.5750.

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

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