GBP/USD is Stable but Downside Favored below First of Month High

DailyFX

Daily

View photo

.
eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD is Stable but Downside Favored below First of Month High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD broke the trendline that originates at the July low on Tuesday. The line connects the 7/9 and 8/2 lows and crosses through several days in mid-October. This development is an early sign that the entire advance is complete.

-Weakness below 1.5893 would confirm a double top. The measured objective would be 1.5527 (width of range subtracted from 1.5893).

Trading Strategy: The first target was reached at 1.5960. The stop on the rest is trailed to 1.6060 (above first day of month high) with a 1.5540 limit.

LEVELS: 1.5750 1.5876 1.5924 | 1.5998 1.6040 1.6077

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)