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GBP/USD Enters ‘Bounce Zone’

GBP/USD Enters ‘Bounce Zone’

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD Enters ‘Bounce Zone’

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.” GBPUSD rolled over alright. Watch for support down to about 1.5190. If the larger trend is down then strength/consolidation from here will present another selling opportunity.

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

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