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GBP/USD Technical Outlook: Panic Move Sets Up Rebound Trade

GBP/USD Technical Outlook: Panic Move Sets Up Rebound Trade

GBP/USD went into a free-fall from Friday into the early part of Sunday trade, but has since erased the losses to start the week. The move flushed out the 1985 low, posting a new all-time low for cable. The thinking is that we could see a move back lower towards the Sunday low, but result in a retest/higher-low scenario that leads to the panic move getting erased up to the 11200s at some point.

See the video for the full set of details.

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How to Trade GBP/USD
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GBP/USD 4-hr Chart

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GBP/USD Charts by TradingView

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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.