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GBP/USD Focus Shifts to 1.5300

GBP/USD Focus Shifts to 1.5300

2015-07-07 20:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Focus Shifts to 1.5300

Chart Prepared by Jamie Saettele, CMT

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

-“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 and resume the bull move. Failure to do so would risk a drop into 1.5500.” 1.5500 failed as support too which shifts focus towards the next parallel near 1.5300. 1.5169 is the key level with respect to the broader (6+ months) bottoming pattern.

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

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