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GBP/USD Continues to Press Year Long Trendline

GBP/USD Continues to Press Year Long Trendline

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.”

-“Today’s (8/18) rally tested the line that extends off of the 2014 and 2015 high. This is the final barrier in the way of what could be a major breakout for GBPUSD.”

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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