GBP/USD Down for 9 Straight Days for 6th Time in 20 Years
Chart Prepared by Jamie Saettele, CMT
-“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 1.5089. If the larger trend is down then strength/consolidation from here will present another selling opportunity.