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GBP/USD 1.5700 Still of Interest for Resistance

GBP/USD 1.5700 Still of Interest for Resistance

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

-“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 did turn up from above slope support (which was at 1.5300) in early July. The seeds for a larger advance are sewn but beware of near term resistance around 1.57. Weakness below 1.5465 would negate anything bullish until at least 1.5360 and maybe closer to 1.51.

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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