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GBP/USD Bouncing from Long Term Support Line

GBP/USD Bouncing from Long Term Support Line

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

GBP/USD Bouncing from Long Term Support Line

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 turned lower from mentioned channel resistance. Look lower as long as price is under 1.5825.”

-GBPUSD is at a major level in 1.51. Failure to find support here would open up the 2013 low at 1.4812.

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

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