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.
-After yesterday’s ‘lowest close since 9/17’, the GBPUSD retraced the entire week’s decline and negated a bearish breakout. Watch for resistance from 1.6115 to 1.6160 as range conditions persist.
Trading Strategy: Flat
LEVELS: 1.5853 1.5903 1.5960 | 1.6060 1.6117 1.6160