GBP/USD Nears Resistance from Former Lows
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.