GBP/USD Takes Out Prior 10 Days’ Range; Use as Reference Point

By DailyFx | July 15, 2014 AAA

DailyFX.com -

Daily

GBP/USD Takes Out Prior 10 Days’ Range; Use as Reference Point

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-After breaking the trendline that had held since November, GBPUSD continues to make fresh highs. The 2009 high (and 2005 low) of 1.7042 has given way as has the line that extends off of the February and May highs. The next level of interest is probably where the decline from the 2013 low would consist of 2 equal waves at 1.7300. Below 1.7000 is needed to shift near term trend.

LEVELS: 1.7008 1.7058 1.7106 | 1.7163 1.7247 1.7300

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

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY desperate to move away from 107.00
    Forex News

    USD/JPY desperate to move away from 107.00

  2. US Dollar Technical Analysis: Readying to Resume Uptrend?
    Forex News

    US Dollar Technical Analysis: Readying to Resume Uptrend?

  3. GBP/USD goes nowhere ahead of retail sales report
    Forex News

    GBP/USD goes nowhere ahead of retail sales report

  4. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center