GBP/USD Spikes Below Trendline and Recovers

Jamie Saettele, CMT

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Spikes Below Trendline and Recovers
eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Spikes Below Trendline and Recovers

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD has broken above multi-month consolidation.

-A measured objective is 1.6625 (near the Aug 2011 high of 1.6618).

-Price dropped into trendline support today before recovering to close above. The low registered at 1.6339…right at the 9 am close on 12/6 after NFP.

Trading Strategy: Flat

LEVELS: 1.6290 1.6339 1.6368 | 1.6449 1.6500 1.6572

--- 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.
Learn forex trading with a free practice account and trading charts from FXCM.