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GBP/USD Tests Head and Shoulders Neckline

GBP/USD Tests Head and Shoulders Neckline

2015-09-17 01:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Tests Head and Shoulders Neckline

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.

-GBPUSD has tested the underside of the neckline with today’s advance (9/17). If the bigger move is lower, then GBPUSD needs to roll over here.

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

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