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GBP/USD Rally Fails at 20 Day Average

GBP/USD Rally Fails at 20 Day Average

2015-09-15 19:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Rally Fails at 20 Day Average

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-After breaking above the line that extends off of the 2014 and 2015 highs, GBPUSD has reversed sharply. The move completes a head and shoulders top that’s been underway since May. The implications are bearish. Watch for resistance from former support lines in the 1.5500-1.5550 zone.

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

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