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GBP/USD Bear Channel Remains Intact

GBP/USD Bear Channel Remains Intact

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-A breakout from a 1 month inverse head and shoulders pattern is valid above today’s low (breakout day) but GBPUSD does face channel resistance at this level. The reversal pattern’s objective is 1.5494, which is in line with the December low at 1.5485. Weakness below 1.5163 would indicate a failed reversal pattern.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.