Daily
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 Tuesday. 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.
Trading Strategy: The rest of the short position from 10/21 was trailed out at 1.6060.
LEVELS: 1.5893 1.5921 1.5981 | 1.6077 1.6115 1.6163