GBP/USD Continuation Pattern Unfolding?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD made a key reversal on 2/17. The pullback occurs after a push above the 2011 high and test of the best level since November 2009.
-A daily key reversal at the top of a multiyear range is not something to dismiss. The longer that the market stays below the 2/17 high, the more likely it is that an important top is in place. The market needs to break 1.6580 to suggest that the path is lower.
LEVELS: 1.6536 1.6628 1.6685 | 1.6800 1.6878 1.6986
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