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GBP/USD Major Breakdown Underway

GBP/USD Major Breakdown Underway

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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

-The most recent update noted that “the 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. A break under 1.5200 (parallel support) would suggest that the next leg lower (towards the April low) is underway. Until then, Cable remains supported.” Cable is right at the mentioned parallel support. A break of this level sets the stage for a trending move that could test the April low.

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

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