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GBP/USD Rally Rejected at Long Term Slope Resistance

GBP/USD Rally Rejected at Long Term Slope Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

GBP/USD Rally Rejected at Long Term Slope Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“The sharp turn higher (and weekly reversal) is promising for longer term bottoming prospects, especially in light of the mentioned divergence.”

-GBPUSD is made good on its divergence and RSI poked above 70 for the first time since the top last July. The rejection at long term slope resistance could lead to a test of support near 1.4950 as part of a larger bottoming process.

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