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GBP/USD Still Bullish

GBP/USD Still Bullish

Jamie Saettele, CMT, Sr. Technical Strategist

I started trading GBP/USD from the long side in April (see here) and action over the last few weeks (pullbacks into and strong rallies from support) fuels the bullish flame so that it may burn hotter.

I've been pointing out bullish clues to SB Trade Desk members for several weeks that Cable was in position to rally. For example, the following was published on 5/15.

This article suggests that the Pound is in a bad spot. So, a bullish USD headline and bearish Pound headline pop up right when GBPUSD is testing the neckline from its head and shoulders pattern AND seasonal tendencies turn up now across every look-back period except for 5 year (which turns up in 2 weeks). You know the logic…the best headlines to fade are the ones that predict. Why? Predictions indicate a comfort/consensus level that is typical before a market heads the other direction.

GBP/USD has traded higher since (from 1.42). Members will be alerted of evidence to the contrary but the combination of sentiment (including SSI) and price pattern (including other Cable crosses) places Cable in a bullish position (see the chart here).

For trades and more analysis, visit SB Trade Desk.

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