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GBP/USD 1.5300 is Last Support Before June Low

GBP/USD 1.5300 is Last Support Before June Low

Jamie Saettele, CMT, Sr. Technical Strategist


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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