News Column

GBP/USD 1.6820/40 is Now Resistance

May 14, 2014

Jamie Saettele, CMT


GBP/USD 1.6820/40 is Now Resistance

Automate trades with Mirror Trader and see ideas on other USD crosses

-"The next possible resistance is 1.6985 then the 2009 high at 1.7042. Cable remains capped by 1.6985 and an unorthodox channel. The trend is higher against 1.6820 although complacency in the market leaves me respecting potential for a downside surprise."

-GBPUSD has broken below the NFP low of 1.6820. Former highs and lows at this level make the development even more important. 1.6820/40 is now estimated resistance.

LEVELS: 1.6602 1.6657 1.6717 | 1.6820 1.6842 1.6870

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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Source: DailyFx

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