GBP/USD Testing Resistance from Slope Confluence
Chart Prepared by Jamie Saettele, CMT
-“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.” GBPUSD topped at 1.5440 today (6/4). A push above would go a long way in suggesting that the low (1.5169) has staying power.
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