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

By DailyFx | Updated July 30, 2014 AAA

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

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“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.

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