GBP/USD Still Supported Near 1.5160
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. If the larger trend is down then strength/consolidation from here will present another selling opportunity.” This is the strength/consolidation. The form that the pattern takes over the next week or so should prove useful in determining whether or not the broad move is still lower.
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