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GBP/USD Shakeout Follows Breakout

GBP/USD Shakeout Follows Breakout

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

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

-“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).”

-“A 6 month bottoming pattern (head and shoulders) has completed (target 1.70+) but the rate does face resistance (within an uptrend) now so be aware of a shakeout (lower) following this breakout.” GBPUSD has turned down (shakeout) but has responded to slope support (and the 5/21 high) at 1.5700. The rate could turn back up here.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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