GBP/USD Slope Line is Precise as Support and Resistance
Chart Prepared by Jamie Saettele, CMT
-“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.” The break above 1.5440 and the slope line that has been precise as support and resistance since February is bullish. In fact, the line acted as support today (6/11).
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