Tanalys

GBP/USD Tests Range Lows; Break Targets 1.5715/50

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A multi-week head and shoulders top was confirmed on 10/9 (that doesn’t mean it can’t fail though). The underside of the neckline is now estimated resistance along with former lows from 1.6000-1.6030. Price traded in this zone and failed on Monday.

GBPUSD has responded to support from the line that extends off of the July and August lows however.

Trading Strategy: Triggered short, stop 1.6020, target 1.5755. If taken out, then risk is for a larger correction of the decline from 10/4….probably towards 1.6090-1.6130 (50%-61.8% of decline).

LEVELS: 1.5870 1.5913 1.5950 | 1.6017 1.6050 1.6093

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