DailyFX.com -

Daily

GBP/USD Consolidates Under 200 DMA

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“GBPUSD has dropped under the May low, reached the 200 day average, and is working on its 6th consecutive weekly decline for the first time since June 2010. It’s been well-documented that extremely high volume tends to occur near or at a market turn but extremely high volume has also ‘kicked-off’ a number of moves, including 8/7/2013. While this is a level to expect a reaction (bounce), price action over the next few days ideally casts its vote for reversal or continuation.” The near term line in the sand can be moved down to 1.6737. Exceeding 1.6737 would open up 1.6860.

--Tradingideas are availabletoJ.S. Trade Desk members.

Investopedia makes you smarter.
Sign up for the News to Use newsletter for the latest in expert analysis, market insights and news.