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GBP/USD Daily Wicks at Trendline Warn of Turn Lower

GBP/USD Daily Wicks at Trendline Warn of Turn Lower

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-Long wicks on the daily at a trendline indicate potential for near term (at least) weakness.

-Previous comments remain valid. “Since completing a head and shoulders top in August, GBP/USD has endured 3 decent swings within a relatively well-defined range. Support from the multi-month structure does continue to hold (last support identified this latest low) so a break above the short term trendline (testing now) could result in upside acceleration.”

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.