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Forex pairs in this Article » GBP/USD

eliottWaves_gbp-usd_body_gbpusd.png, GBP/USD Penetrates Multi-Month Range and Closes Sep Gap

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.

-Price traded to its lowest since 9/13, filling the previously uncovered close from that date in the process. Today’s close is the lowest since 9/17.

Trading Strategy: The break of the range warrants a short position. The stop is above Monday’s high of 1.6020. The measured objective is 1.5530 (width of range extended from the range low).

LEVELS: 1.5717 1.5774 1.5853 | 1.5945 1.5992 1.6009

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