👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

GBP/USD Should Break Toward The 1.6380 Level

Published 11/11/2013, 01:11 AM
Updated 05/14/2017, 06:45 AM
GBP/USD
-

<span class=GBP/USD Daily Chart" title="GBP/USD Daily Chart" width="648" height="368">

GBP/USD: 1.6015

Short-Term Trend: weak uptrend

Outlook: The GBP has been in sideways consolidation since early October and the price pattern looks like a Contracting Triangle as shown on the chart above. If the wave count is correct, the market should hold above 1.5900 this week and should eventually break out to move toward 1.6380 level.

If however, a break below 1.5900 occurs, the odds will shift on the downside and that will suggest that the rally from this week's low is likely over.

Strategy: Shorts favored on break of 1.5893 with 150 pts stop.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.