GBP/USD May be in For a Few More Volatile Days within the Range

| 8 november, 2013 | 0 kommentarer

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD May be in For a Few More Volatile Days within the Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

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.

-Weakness below 1.5893 would confirm a double top. The measured objective would be 1.5527 (width of range subtracted from 1.5893).

-A return to the upper end of the range would face resistance at 1.6115/62. Near term support is 1.5970.

Trading Strategy: As long as the range that has persisted since Oct 1 persists, it’s best to be favor range trading. Longs are favored into 1.5920/70 with 1.5890 stops and shorts are favored into 1.6160-1.6210 with 1.6270 stops. The GBPAUD trade was managed today in the following manner and that market has broken to the upside.

LEVELS: 1.5924 1.5970 1.6009 | 1.6117 1.6163 1.6207

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *