GBP/USD Setup for a Dip then a Rip

| 14 november, 2013 | 0 kommentarer

Daily

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Setup for a Dip then a Rip

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.

-Near term, the rally from 1.5853 is impulsive. The implications are for a dip into 1.6000 before towards 1.6160-1.6200.

Trading Strategy: 1.6160-1.6200 is big resistance. I’ll be watching the market closely if that level is reached for a short setup.

LEVELS: 1.5903 1.5945 1.6000 | 1.6075 1.6117 1.6160

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Kategori: Analys från DailyFX

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