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GBP/USD Breaks Below Median Line

GBP/USD Breaks Below Median Line

Jamie Saettele, CMT, Sr. Technical Strategist

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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.”

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

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

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