Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“The sharp turn higher (and weekly reversal) is promising for longer term bottoming prospects, especially in light of the mentioned divergence.”
-GBPUSD is made good on its divergence and daily RSI poked above 70 for the first time since the top last July. The rejection at long term slope resistance could lead to a test of support near 1.4950 as part of a larger bottoming process. A close above this red line would indicate a major behavior change and shift focus to the next parallel near 1.5600.
