GBP/USD Larger Momentum Profile Warns of Turn Higher

By DailyFx | Updated August 05, 2014 AAA

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GBP/USD Larger Momentum Profile Warns of Turn Higher

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-GBPUSD sold off sharply after registering a weekly RSI reading above 70. Weekly RSI is now at its lowest reading since last August! Price wise, the February high acted as support at the recent low. A larger uptrend is still in place against 1.6690.

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

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