GBP/USD Fails Shy of Well-Defined 1.5700 Level
Chart Prepared by Jamie Saettele, CMT
-“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.
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