Daily
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: “1.6160-1.6200 is big resistance. I’ll be watching the market closely if that level is reached for a short setup.” The key reversal from Wednesday has been completely retraced. The market is not acting in a bearish manner although a Friday melt up (stop run) could lead to a short opportunity.
LEVELS: 1.6006 1.6071 1.6118 | 1.6177 1.6207 1.6259
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com