Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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–GBPUSD made an outside day reversal on 1/2 after poking above 1.6600. Since 2011, the market has reverted to the mean early in the year.
-Bigger picture, GBPUSD has broken above the line that extends off of the 2009 and 2011 highs. A significant breakout is possible but the mentioned outside day reversal along with a weekly key reversal last week warns of a top. Watch for resistance on Friday in the mid 1.6500s.
Trading Bias: Flat
LEVELS: 1.6315 1.6357 1.6403 | 1.6499 1.6552 1.6602
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com