DailyFX.com -

Daily

GBP/USD Key Reversal; Correction Nigh?

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.

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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    British Pound May Fall as PMI Data Undercuts BOE Rate Hike Bets

  2. Forex News

    GBP/USD trades around 1.5610 ahead of UK services PMI

  3. Forex News

    GBP/USD forecast: Might see a dip below 1.5550 if UK services PMI disappoints – FXStreet

  4. Forex News

    GBP/USD momentarily out of favor

  5. Forex News

    GBP/USD might see a dip lower towards 1.5580 – UOB

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!