Tanalys

GBP/USD Key Reversal Forms Following New 2013 High

4Hour

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

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