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GBP/USD Pressing Channel Resistance

GBP/USD Pressing Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Pressing Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-A period of congestion may be in order as price has bounced from near the 50% retracement of the advance from the 2013 low but the drop under 1.6050 produces a pivot high on 9/19 and allows one to draw a downward sloping channel. The channel is now in focus as resistance.

-GBPUSD is testing the mentioned channel. A push above 1.6250 (daily close) would complete a 3 week bottoming process and suggest a move into 1.65.

--Tradingideas are availabletoJ.S. Trade Desk members.

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