GBPUSD Reverses Sharply from Nearly 5 Month High
Prepared by Jamie Saettele, CMT
Even those trading from the long side in GBPUSD probably haven’t done that well as each high has seen a sharp pullback. In any case, an important high may be in place at 16062. The divergence is of the reliable type (reliable in that RSI is closer to 60 than 70), short term trendline support has been broken, and the fact that yesterday was the first day of the month increases confidence in a ‘reversal bias’ (see EURUSD). 15840 and 15770 are near term levels of interest.
Bottom Line (next 5 days) – lower
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