British Pound Momentum Considerations Offer Insight
Prepared by Jamie Saettele, CMT
Zoom out and view the last few years’ of price and it becomes apparent that the recent low may hold for a while longer. The area just above 15300 was a double bottom in late 2010 and congestion in early 2010. What’s more, RSI recently registered its most oversold reading since early 2010 (circled). A multi-month rally ensued before the GBPUSD fell to new lows. I can envision something similar here. Short term resistance is 15530.
Trend Strength (M,W,D) – (1), (1), (1)
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