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.
-Price is slipping below near term trendline support so price may be in for a test of the breakout level at 1.6259. 1.6130 is the point at which I would consider a failed breakout.
Trading Strategy: Near term setup is cleaner in GBPNZD. I am long GBPNZD with a 1.9840 stop. Failure to hold above that level would shift focus to 1.9740 (in GBPNZD).
LEVELS: 1.6207 1.6259 1.6295 | 1.6408 1.6453 1.6572
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com