GBP/USD Responds to Slope Level and 50% Retracement
Chart Prepared by Jamie Saettele, CMT
-“The sharp turn higher (and weekly reversal) is promising for longer term bottoming prospects.”
-“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.” GBPUSD turned down sharply just shy of 1.5825. The turn higher from the 50% retracement of the rally from the April low maintains interest in a major bottoming formation. Beware of resistance near 1.5450 however.
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