Wednesday 16 April 2014

GBP/USD Bounces from Month Open



       Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
 
      GBPUSD has pulled back from the high and the decline from Thursday’s high is impulsive (5 waves). It is possible that an important top has formed (don’t forget about COT being extreme). Weakness below 1.6565 would make a strong case for a sharp decline.
-1.6783 is now possible resistance. 

LEVELS: 1.6565 1.6620 1.6660 | 1.6753 1.6783 1.6822
Trading specifics (setups with entries, stops, targets) are available to J.S. Trade Desk members.
-Dailyfx

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