GBP/USD Outside Day Could Trigger Directional Move
Chart Prepared by Jamie Saettele, CMT
-Today’s (10/22) outside day in GBP/USD may set the stage for resumption of the downtrend that began with the head and shoulders break in August.
-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.”
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