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GBP/USD Rally Stalls Before Year Open Gap

GBP/USD Rally Stalls Before Year Open Gap

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Rally Stalls Before Year Open Gap

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. The gap at 1.5325 could still be of the breakaway variety as the rally stalled prior to the level.

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