GBP/USD Maintains Bid; Possible Support at 1.6260/75

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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Maintains Bid; Possible Support at 1.6260/75

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD is doing what GBPUSD does. Since 12/10 the rate has traded to a YTD high, 3 week low, and another YTD high. The move to a new high on Wednesday is suspicious given the inability of EURUSD to attain a YTD high.

-Weekly action engulfs the prior 2 weeks already. We should at least be able to use this current week’s range as a point of reference to work from moving forward.

-Watch for support at 1.6260/75 and/or the trendline that extends off of the Jul and Nov lows.

Trading Strategy: Flat

LEVELS: 1.6216 1.6262/73 1.6335 | 1.6429 1.6500 1.6618

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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