GBP/USD Drops into Median Line

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“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.”

-GBPUSD met the target and traded into the mid-1.5500s today (2/26). A median line structure continues to identify inflection points so follow it until it fails to do so.