U.S. Markets open in 3 hrs

GBP/USD Key Reversal Forms Following New 2013 High

Jamie Saettele, CMT


eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Key Reversal Forms Following New 2013 High

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 and traded to a new high for 2013 today (previous high was on Jan 2nd at 1.6380). A measured move from the break of the range is 1.6625. This level is in line with the Aug 2011 high (1.6618).

-Possible supports are 1.6230 and the breakout level of 1.6259. Watch trendline support as well.

Trading Strategy: A dip into trendline support and/or the broken support level of 1.6259 may present a long opportunity. I’ll be willing to stay bullish ‘against’ 1.6130. Stay tuned.

LEVELS: 1.6207 1.6259 1.6330 | 1.6408 1.6453 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.