GBP/USD: Look for a breakout pullback setup - 2ndSkies

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes to look for a breakout pullback setup in GBP/USD at the role reversal level between the 1.7060 - 1.7000 area.



Key Quotes



"After breaking above the former yearly high at 1.7063, the pair has been maintaining strength, while losing some momentum post breakout. My guess is the pair will pullback towards the prior resistance, now turned support, and thus become a role reversal level."



"Trading with the trend, we will look for a breakout pullback setup at the role reversal level between the 1.7060 - 1.7000 area. Upside targets will be 1.7155 and 1.7250, with the potential for a much larger move up towards 1.7450."



You May Also Like

Related Forex Analysis
  1. Forex News

    GBP/USD dips briefly below 1.5600

  2. Forex News

    GBP/USD flat, Tuesday’s UK GDP numbers eyed

  3. Forex News

    Exit GBP/USD longs below 1.5640 - Vladimir Mihaylov

  4. Forex News

    GBP/USD steadies above 1.56 handle

  5. Forex News

    GBP/USD Technical Analysis: Treading Water Above 1.55

Trading Center