GBP/USD Small Range Key Reversal Similar to Prior Tops
Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-GBPUSD formed a small range (smaller than 10 day ATR) key reversal at the November 2012 low of 1.5826. Small range reversals have signaled tops in recent months.
-The next level of interest on the upside is the February high at 1.5878.
-10 day RSI has crosses through 75. Instances in recent years have warned of turns.
Trading Strategy: Waiting for either a setup at higher levels or a drop below 1.5680 to turn bearish.
LEVELS: 1.5615 1.5685 1.5755 | 1.5839 1.5878 1.5900
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