GBP/USD 1.6565 and Trendline in Play



View photo

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD 1.6565 and Trendline in Play

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“GBPUSD made a key reversal on 2/17. The pullback occurs after a push above the 2011 high and test of the best level since November 2009.”

-The rate has bounced from trendline support. Watch for resistance from 1.6712 to go the other way but expect support at 1.6560/80 for a trend continuation opportunity. A break of trendline support would open up 1.6495 and the trend turns bearish below 1.6459.

LEVELS: 1.6428 1.6496 1.6565 | 1.6661 1.6713 1.6767

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)