News Column

GBP/USD False Break Could Propel Next Bull Leg

January 21, 2014

Jamie Saettele, CMT

Daily Automate trades with Mirror Trader and see ideas on other USD crosses -The January 2nd outside day reversal (first trading day of the year) is still in place but activity in recent days is suggestive of additional upside. Friday's outside day reversal occurred from below the line that originates at the July low. A false break was triggered (a.k.a. bear trap) and could propel the market higher. -1.6420 is possible support. LEVELS: 1.6323 1.6382 1.6421 | 1.6516 1.6550 1.6602 --Trading specifics (setups with entries, stops, targets) are availableto J.S. Trade Desk members .

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Source: DailyFx

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