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GBP/USD Nears Resistance from Former Lows

GBP/USD Nears Resistance from Former Lows

2015-02-19 19:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Nears Resistance from Former Lows

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.” The high is a few pips shy of the measured level. Three is also resistance up here from former lows. Beware a turn lower.

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