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GBP/USD Probes 20 Day Low; Break or Fake?

GBP/USD Probes 20 Day Low; Break or Fake?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Probes 20 Day Low; Break or Fake?

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. Weakness below 1.5465 would negate anything bullish until at least 1.5390 and maybe closer to 1.51.” Still no resolution but strength above 1.5600 on Friday is needed to signal that GBPUSD is not headed lower.

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

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