GBP/USD Rebounds into Resistance
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. Weakness below 1.5465 would negate anything bullish until at least 1.5390 and maybe closer to 1.51.”
-Still no resolution but GBPUSD has rebounded into trendline resistance. Range support is 1.5490.
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