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

Related Forex Analysis
  1. Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market
    Forex News

    Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market

  2. GBP/USD to Break Out on Less-Dovish BoE, Weak U.S. 3Q GDP
    Forex News

    GBP/USD to Break Out on Less-Dovish BoE, Weak U.S. 3Q GDP

  3. GBP/USD shifting through gears but now back into neutral
    Forex News

    GBP/USD shifting through gears but now back into neutral

  4. GBP/USD likely to be range-bound – FXStreet
    Forex News

    GBP/USD likely to be range-bound – FXStreet

  5. GBP/USD recovers ground but falters ahead of 1.57
    Forex News

    GBP/USD recovers ground but falters ahead of 1.57

Trading Center