GBP/USD Outside Day Reversal at Range Highs

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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Outside Day Reversal at Range Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD formed an outside day reversal near multi-month range highs. The combination is enough to take a bearish stance against Monday’s high.

-Near term resistance is 1.6175/85.

Trading Strategy: “1.6160-1.6200 is big resistance. I’ll be watching the market closely if that level is reached for a short setup.” The outside day is enough for me to turn bearish. Order to short at 1.6175, stop 1.6250, target half at 1.5907.

LEVELS: 1.6006 1.6071 1.6107 | 1.6177 1.6215 1.6259

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

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