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GBP/USD Remains Capped after Reversal Day

Jamie Saettele, CMT


eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Remains Capped after Reversal Day

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 Monday and followed through on Tuesday. The pullback occurs after a push above the 2011 high and test of the best level since November 2009.

-A daily key reversal at the top of a multiyear range is not something to dismiss. There are certainly better places to play USD strength but you don’t want to get caught holding the bag up here either.

LEVELS: 1.6557 1.6601 1.6648 | 1.6713 1.6800 1.6878

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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