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GBP/USD 1.5700 is Stacked

GBP/USD 1.5700 is Stacked

2015-07-16 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD 1.5700 is Stacked

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.”

-The ‘shakeout’ turned into a mini downtrend but the rate has turned up from above slope support (which was at 1.5300), which is bullish. The seeds for a larger advance are sewn but beware of near term resistance around 1.57. Favor the upside whilst above 1.5449.

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

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