Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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