U.S. Markets open in 3 hrs 13 mins

GBP/USD Bends but Doesn’t Break…Yet

Jamie Saettele, CMT

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Bends but Doesn’t Break…Yet

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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


-GBPUSD broke the trendline that originates at the July low on 10/29. 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.


-The rally from 1.5853 is beginning to slow in terms of momentum. Recent dips are overlapping with prior peaks. This is a warning that the move may be nearing its end.


Trading Strategy: No change - “1.6160-1.6200 is big resistance. I’ll be watching the market closely if that level is reached for a short setup.”

LEVELS: 1.5903 1.5988 1.6074 | 1.6120 1.6160 1.6207

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.