GBP/USD Drops into Short Term Trendline

Weekly

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 closing in on a steep upward sloping channel and a level that was resistance in Nov (1.5825). The Oct low is slightly higher at 1.5874. 1.5550 (former resistance) is now estimated support.” Support (1.5500) has been met today…failure to hold this trendline would open up 1.5340. Keep 1.5870s in the back of your mind for more important resistance moving forward.

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