GBP/USD Breaks Near Term Downtrend; Lower Highs Below 1.6920

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Daily

GBP/USD Breaks Near Term Downtrend; Lower Highs Below 1.6920

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 line that extends off of the November and February lows. The development is the clearest signal yet that an important top is in place.” Today’s development (exceeding 1.3845) muddles the picture.

-Near term trend is best described as sideways with reaction levels at 1.6881 and 1.6716.

LEVELS: 1.6716 1.6787 1.6804 | 1.6880 1.6920 1.6974

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Double Top reversal in GBP/USD hourly chart – FXStreet

  2. Forex News

    GBP/USD bullish above 1.5265 – Varengold

  3. Forex News

    GBP/USD consolidates above 20-DMA, awaits fresh incentives

  4. Forex News

    GBP/USD Technical Analysis: Digestion Below 1.53 Continues

  5. Forex News

    GBP: Fed volatility within 50 pip range, scores ground on 1.52 handle

Trading Center