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GBP/USD Retest of Breakout Level Possible on NFP

Jamie Saettele, CMT


eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Retest of Breakout Level Possible on NFP

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.

-Price is slipping below near term trendline support so price may be in for a test of the breakout level at 1.6259. 1.6130 is the point at which I would consider a failed breakout.

Trading Strategy: Near term setup is cleaner in GBPNZD. I am long GBPNZD with a 1.9840 stop. Failure to hold above that level would shift focus to 1.9740 (in GBPNZD).

LEVELS: 1.6207 1.6259 1.6295 | 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.
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