GBP/USD Rebounds from Year Open

DailyFX

Daily

View photo

.
eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Rebounds from Year Open

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. 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.


original source

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)