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GBP/USD Trading Between Long Term Parallels

GBP/USD Trading Between Long Term Parallels

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

GBP/USD Trading Between Long Term Parallels

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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. 1.5500 (former resistance) is now estimated support.” Support (1.5500) has held. Keep 1.5870s in the back of your mind for more important resistance moving forward.

For more analysis and trade setups, visit SB Trade Desk

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