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. GBP/USD sitting pretty despite lower CPI’s
    Forex News

    GBP/USD sitting pretty despite lower CPI’s

  2. GBP/USD technical are mixed - Scotiabank
    Forex News

    GBP/USD technical are mixed - Scotiabank

  3. Still solid GDP growth - BNP
    Forex News

    Still solid GDP growth - BNP

  4. GBP/USD extends gains, nears 1.6100
    Forex News

    GBP/USD extends gains, nears 1.6100

  5. USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles
    Forex News

    USDOLLAR Breaks October Downtrend, GBP’s GDP Rally Fizzles

Trading Center