GBP/USD Shakeout Follows Breakout
Chart Prepared by Jamie Saettele, CMT
-“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.
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