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.
-Price traded to its lowest since 9/13, filling the previously uncovered close from that date in the process. Today’s close is the lowest since 9/17.
Trading Strategy: The break of the range warrants a short position. The stop is above Monday’s high of 1.6020. The measured objective is 1.5530 (width of range extended from the range low).
LEVELS: 1.5717 1.5774 1.5853 | 1.5945 1.5992 1.6009